Defendant Name:
Nortel Networks Corporation
Defendant Type:
Public Company
Document Reference:
2007-217
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
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Enjoinment
The SEC stated: "As part of the settlement, Nortel agrees to report to the Commission staff every quarter until it fully implements its remediation program, and the company and its outside auditor agree that the existing material weakness has been resolved."
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:
