OSC declares Nortel in default of rules: Cities 'significant deficiency' in financial data, eyes cease-trade order on insiders

Article Abstract:

The Ontario Securities Commission put Nortel Network Corp. on a short leash on 3 May 2004, declaring the company in default of securities regulations due to a significant deficiency in its financial statements. The regulator reported that it would likely impose a cease-trade order on executives, directors and other insiders who have worked for the network equipment giant since November.

Legal/Government Regulation, Cases, Securities fraud

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Nortel now focus of OSC probe

Article Abstract:

Nortel Networks Corp. disclosed that it is the subject of an Ontario Securities Commission (OSC) investigation, intensifying the regulatory scrutiny of the communications equipment company's accounting problems on April 13, 2004. Nortel's audit committee and a law firm are trying to find out why the company had to restate three and half years of financial results late in 2003.

Capital funds & cash flow, Investigations, Accounting and auditing, Ontario. Securities Commission

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