Nortel Numbers Face Yet Another Delay
Nortel Numbers Face Yet Another DelayNortel Numbers Face Yet Another Delay
By Scott Moritz
Senior Writer
9/2/2004 10:46 AM EDT
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Nortel (NT:NYSE - commentary - research) suffered another setback on its march to accountability Thursday, warning that it will need an additional month to complete its audit and file restated financials.
Investors didn't exactly welcome the latest twist in Nortel's tangled accounting scandal, which has dragged on now for the bulk of 2004. Shares of the Brampton, Ontario, telecom equipment maker fell 3% to $3.78 in early trading.
The company says the volume and complexity of work involved with its book-cleaning efforts will cause it to miss its Sept. 30 deadline for filing financial statements for 2003 and the first half of 2004. Nortel now expects it will have the work complete by the end of October.
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