Nortel in trouble again

Yesterday, Nortel Networks Corp. put its top two financial officers on paid leave , including chief financial officer Douglas Beatty (pictured). This move comes a few days after the company announced it was going to restate its financial results for 2003. Nortel made a profit — it's first in six years — in 2003 of about $750-million (U.S.). Nortel did not say yesterday if it expected that profit to be smaller or larger as a result of the restatement. In fact, to the frustration of many investors and analysts, it said almost nothing yesterday beyond announcing the suspension of its chief financial officer and comptroller. I did a piece on this for CTV's national news and my Globe colleague Dave Ebner has more details in his piece in this morning's paper.

Leave a Reply

Your email address will not be published. Required fields are marked *