Advertisement
YOU ARE HERE: LAT HomeCollectionsNortel Networks Company
IN THE NEWS

Nortel Networks Company

FEATURED ARTICLES
BUSINESS
December 16, 1999 | From Bloomberg News
Nortel Networks Corp. said Wednesday that it agreed to buy Qtera Corp. for as much as $3.25 billion in stock to gain a product that speeds phone calls and data on high-speed networks. Qtera, a closely held Boca Raton, Fla.-based company with no sales, developed a product that allows phone and data traffic to be sent on fiber-optic networks at lower cost. Nortel wants to outmaneuver rivals Ciena Corp., which is developing similar technology, and Lucent Technologies Inc.
ARTICLES BY DATE
BUSINESS
November 11, 2008 | Times Wire Services
McDonald's Corp., the world's largest restaurant company, posted October sales that beat some analysts' estimates after U.S. consumers, pinched by rising food bills and unemployment, bought double cheeseburgers and other $1 items. Global sales at restaurants open at least 13 months climbed 8.2%, paced by Europe's gain of 9.8% compared with a year earlier. U.S. same-store sales increased 5.3%, the Oak Brook, Ill., company said. The Oct.
Advertisement
BUSINESS
October 3, 2001 | From Reuters
Nortel Networks Corp. said Tuesday it would slash its payroll by a further 30% and post a $3.6-billion third-quarter loss as the telecom equipment maker trims operations to break even in future quarters. Nortel also said Chief Financial Officer Frank Dunn would succeed John Roth as chief executive, effective Nov. 1. Roth will serve as vice chairman through the end of 2002, and Terry Hungle, former president of finance, will become chief financial officer.
BUSINESS
November 11, 2008 | Times Wire Services
Nortel Networks Corp., North America's largest maker of phone equipment, posted its biggest net loss in seven years and announced plans to cut 1,300 jobs, or 18% of its workforce, as customers scale back budgets. The Toronto-based company's third-quarter loss was $3.4 billion, or $6.85 a share, contrasted with last year's third-quarter profit of $27 million, or 5 cents a share. Sales fell 14% to $2.3 billion.
BUSINESS
May 1, 2001
Comarco Inc., an Irvine provider of advanced-technology tools and engineering services, said Monday it has been awarded a $6.6-million contract by Nortel Networks Corp. to support network-upgrade services in certain markets across the United States. Comarco said in a press release that under the contract, it will provide both project management and the tools necessary to perform network-assessment services, as well as network performance verification and optimization.
BUSINESS
May 11, 2001
Nortel Networks Corp. said it will exit the digital subscriber line access business to focus on higher-growth markets.
BUSINESS
June 11, 2005 | From Reuters
Nortel Networks Corp. said that its No. 2 executive had quit, just three months after joining the telecom equipment supplier, because of a clash of views with Chief Executive Bill Owens. The departure of Chief Operating Officer and President Gary Daichendt and the resignation of Chief Technology Officer Gary Kunis, also disclosed Friday, raise concerns about Nortel's stability, analysts said. Investors dumped Nortel stock in heavy trading. Shares fell 23 cents to $2.58 in New York.
BUSINESS
February 2, 2005 | From Bloomberg News
Nortel Networks Corp., the largest North American phone-equipment maker, said it had profit of $75 million in the first half of 2004, the first time it disclosed full results after accounting errors delayed the reports for more than six months. Net income was 2 cents a share in the first half, compared with a loss of $225 million, or 5 cents, a year earlier, the Ontario, Canada-based company said. Sales rose 9.8% to $5.03 billion.
BUSINESS
December 27, 2006 | From the Associated Press
Two federal judges in New York gave final approval Tuesday to a roughly $2.25-billion global settlement reached between Nortel Networks Corp. and its shareholders after the Canadian company revised its financial results between 2001 and 2005. U.S. District Judge Loretta Preska said the settlement reached this year was "fair, reasonable and adequate" to compensate people or entities who purchased common stock or sold options on Nortel stock between April 24, 2003, and April 27, 2004. U.S.
BUSINESS
June 17, 2000 | Reuters
High-tech talent is so scarce these days that Canada's Nortel Networks Corp. is offering $1 million in cash and prizes to its employees for enticing skilled friends and family to join the company. The world's second-largest maker of network equipment said it is prepared to up the ante if necessary to fill 5,300 optical Internet positions. For every new hire, the referring employee gets $2,000 and the chance to enter five drawings, each with a prize of $100,000.
BUSINESS
August 21, 2007 | From Bloomberg News9
Internet phone company Vonage Holdings Corp. sued a U.S. unit of Canadian telecommunications equipment maker Nortel Networks Corp., seeking to invalidate three patents for managing telephone data. Nortel is attempting to sue Vonage in Texas for infringing the patents. Vonage contends that those patents are not valid. In March, a federal jury decided that Vonage infringed three patents owned by Verizon Communications and awarded $58 million.
BUSINESS
March 13, 2007 | From Bloomberg News
North American securities regulators sued former top executives of Nortel Networks Corp. for allegedly manipulating earnings to meet financial targets. The executives, including former Chief Executive Frank Dunn, engaged in accounting fraud from 2000 to 2004, the U.S. Securities and Exchange Commission and the Ontario Securities Commission alleged in complaints filed Monday. The complaints also target former finance chief Douglas C. Beatty and former Controller Michael J. Gollogly.
BUSINESS
December 27, 2006 | From the Associated Press
Two federal judges in New York gave final approval Tuesday to a roughly $2.25-billion global settlement reached between Nortel Networks Corp. and its shareholders after the Canadian company revised its financial results between 2001 and 2005. U.S. District Judge Loretta Preska said the settlement reached this year was "fair, reasonable and adequate" to compensate people or entities who purchased common stock or sold options on Nortel stock between April 24, 2003, and April 27, 2004. U.S.
BUSINESS
July 19, 2006 | From Bloomberg News
Microsoft Corp. and Nortel Networks Corp. formed a partnership to generate more revenue from the fast-growing Internet telephone market. Nortel expects more than $1 billion in sales from the new business, which will develop software to provide Internet calling, instant messaging and voice and video conferences, the company said. Microsoft said it expected the business to reach several billion dollars in coming years.
BUSINESS
June 3, 2006 | From the Associated Press
A jury awarded Nortel Networks Corp. $47.4 million in punitive damages in a copyright infringement case against telecommunications retailer Platinum Networks Inc. and its president. Nortel, based in Ontario, Canada, sued San Diego-based Platinum in 2004 alleging that the company had stolen software that unlocks certain premium features in Nortel's phone systems.
BUSINESS
March 11, 2006 | From Reuters and the Associated Press
Nortel Networks Corp. will once again have to restate its financial results to fix accounting mistakes, the company said as it posted a fourth-quarter loss of $2.2 billion. Canada's Nortel said the loss resulted from a charge of $2.5 billion to settle two class-action lawsuits that stemmed from a previous bout of accounting troubles.
BUSINESS
February 17, 2001 | Bloomberg News
The Chicago Board Options Exchange is probing a surge in trading of Nortel Networks options Thursday, before the biggest maker of fiber-optic equipment forecast a first-quarter loss. Trading in a so-called put option that gives investors the right to sell Nortel shares for $30 each through mid-March, for example, skyrocketed Thursday about an hour before Nortel released its earnings guidance.
BUSINESS
May 30, 2002 | SUSAN TAYLOR, REUTERS
Nortel Networks Corp. said Wednesday that it was on track for a narrower loss in the second quarter, but announced plans for 3,500 more job cuts and further asset sales, including its once highflying fiber optics unit. The company, mired in a telecom slump, also pared its revenue forecast and cut its break-even sales target to $3.2 billion from $3.5 billion by the fourth quarter. Nortel shares, which initially rose on the announcement, ended the session down 17 cents, or nearly 7%, at $2.
BUSINESS
February 9, 2006 | From Associated Press
Telecommunications equipment maker Nortel Networks Corp. said Wednesday that it had reached a tentative agreement to pay $2.5 billion in cash and stock to settle two shareholder class-action lawsuits over the company's accounting scandal. Nortel, which has been working to recover from the scandal that forced it to restate previous financial results and terminate several senior executives, said it wanted to avoid being tied up in prolonged litigation.
BUSINESS
June 11, 2005 | From Reuters
Nortel Networks Corp. said that its No. 2 executive had quit, just three months after joining the telecom equipment supplier, because of a clash of views with Chief Executive Bill Owens. The departure of Chief Operating Officer and President Gary Daichendt and the resignation of Chief Technology Officer Gary Kunis, also disclosed Friday, raise concerns about Nortel's stability, analysts said. Investors dumped Nortel stock in heavy trading. Shares fell 23 cents to $2.58 in New York.
Los Angeles Times Articles
|