Defendant Name: Nortel Networks Corporation

Defendant Type: Public Company
SIC Code: 3661
CUSIP: 65656850

Document Reference: comp20333

Document Details

Legal Case Name SEC v. Nortel Networks Corporation and Nortel Networks Limited
Document Name Complaint
Document Date 15-Oct-2007
Document Format Civil Proceeding
Case Number 07-cv-08851
Federal District Court New York, Southern District of New York
Allegation Type Issuer Reporting and Disclosure
Document Summary The SEC stated: "Nortel Networks Corporation (“Nortel” or “the Company”) engaged in two fraudulent accounting schemes, one involving revenue fraud and the other involving earnings management fraud, which enabled Nortel to meet the unrealistic revenue and earnings guidance that it had provided to Wall Street in 2000 and again in 2002 and 2003."

Related Documents:

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:

Nortel Networks Limited

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
Frank A. Dunn
Douglas C. Beatty
Michael J. Gollogly
MaryAnne E. Pahapill
Douglas A. Hamilton
Craig A. Johnson
James B. Kinney
Kenneth R.W. Taylor
In the Matter of James B. Kinney, CMA
James B. Kinney