Nortel in a Bind
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Canadian telecoms giant Nortel has announced an investigation into 3 directors. The move comes as an investors group is suing the company. The company face class actions in both the US and Canada. In April it stated that half of the reported 2003 profit should have been shown for earlier years. At the time of the statement Nortel fired the Chief Executive, Chief Financial Officer and the Controller. 27 separate class actions have been rolled into one for the US action. Some cases are also outstanding for 2000 accounting irregularities.
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