Defendant Name: Nortel Networks Limited

Defendant Type: Subsidiary of Public Company
Public Company Parent: Nortel Networks Corporation
SIC Code: 3661
CUSIP: 65656850

Initial Case Details

Legal Case Name SEC v. Nortel Networks Corporation and Nortel Networks Limited
First Document Date 15-Oct-2007
Initial Filing Format Civil Proceeding
Case Number 07-cv-08851
Allegation Type Issuer Reporting and Disclosure
Federal District Court New York, Southern District of New York

Violations Alleged

Exchange Act
Sec 10(b) + Rule 10b-5
Rule 12b-20
Sec 13(a)
Rule 13a-1
Rule 13a-13
Sec 13(b)(2)(A)
Sec 13(b)(2)(B)
Sec 13(b)(5)
Securities Act
Sec 17(a) (Not specified)

Resolutions

First Resolution Date 15-Oct-2007

Related Documents:

comp20333 15-Oct-2007 Complaint
Complaint
The SEC stated: "Nortel Networks Limited (“NNL”) is Nortel’s principal operating subsidiary and, at all relevant times, NNL and Nortel shared the same management slate, including CEO, CFO, Controller and Assistant Controller. NNL’s financial results are consolidated into Nortel’s publicly reported financial statements. NNL also files periodic reports with the Commission containing its own financial statements. The conduct alleged in the Complaint resulted in NNL materially contributing to Nortel’s misleading financial statements and caused NNL’s own quarterly and annual financial statements and disclosures to be materially false and misleading for at least the periods ending December 31, 2000 through December 31, 2003, and in all filings made with the Commission that incorporated those financial statements and related disclosures by reference, including registration statements."
LR-20333 15-Oct-2007 Litigation Release
Nortel Networks Pays $35 Million to Settle Financial Fraud Charges
The SEC stated that: "[It] filed civil fraud charges in the U.S. District Court for the Southern District of New York against Nortel Networks Corporation and its principal operating subsidiary Nortel Networks Limited (Nortel) alleging that Nortel engaged in accounting fraud from 2000 through 2003 to close gaps between its true performance, its internal targets and Wall Street expectations."
2007-217 15-Oct-2007 Press Release--Civil Action
Nortel Networks Pays $35 Million to Settle Financial Fraud Charges
The SEC stated that: "[It] filed fraud charges against Nortel Networks Corporation and its principal operating subsidiary Nortel Networks Limited (Nortel) alleging that Nortel engaged in accounting fraud from 2000 through 2003 to close gaps between its true performance, its internal targets and Wall Street expectations."
court_doc3_07-cv-08851 25-Oct-2007 Court Docket Document
Final Judgment As to Defendants Nortel Networks Corporation and Nortel Networks Limited
On October 25, 2007, the Court issued a final judgment as to Defendants Nortel Networks Corporation and Nortel Networks Limited stating: "Defendants . . . consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction), waived findings of fact and conclusions of law, and waived any right to appeal from this Final Judgment."

Other Defendants in Action:

Related Actions:

SEC v. Frank A. Dunn, Douglas C. Beatty, Michael J. Gollogly and Maryanne E. Pahapill (a.k.a. Mary Anne Poland), Douglas A. Hamilton, Craig A. Johnson, James B. Kinney and Kenneth R.W. Taylor
In the Matter of James B. Kinney, CMA