Defendant Name:
Nortel Networks Corporation
Defendant Type:
Public Company
Document Reference:
LR-20333
Document Details
Legal Case Name
SEC v. Nortel Networks Corporation and Nortel Networks Limited
Document Name
Nortel Networks Pays $35 Million to Settle Financial Fraud Charges
Document Date
15-Oct-2007
Document Format
Civil Proceeding
Case Number
07-cv-08851
Federal District Court
New York, Southern District of New York
AAER
2740
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Enjoinment
The SEC stated: "Nortel also has agreed . . . to report periodically to the Commission's staff on its progress in implementing remedial measures and resolving an outstanding material weakness over its revenue recognition procedures."
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Fair Funds
Monetary Penalties:
Civil Penalty
Individual:
$35,000,000.00
Shared:
Other Defendants in Action:
