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Ontario Hits Nortel With Trading Restrictions

Law360 (March 28, 2006, 12:00 AM EST) -- The Ontario Securities Commission has slapped the employees of telephone equipment supplier Nortel Networks Corp. with trading restrictions because the company is in default of the province’s securities laws.

The OSC announcement means that Nortel’s management and directors—and its principal operating subsidiary Nortel Networks Limited—cannot trade securities until two days after Canadian officials receive all of the filings pursuant to Ontario’s securities laws.

Canadian officials said Nortel’s plan to restate results for a period between 2003 and 2005 was the reason the company was in default...
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