October 3, 2001 |
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.
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.
May 11, 2001
Nortel Networks Corp. said it will exit the digital subscriber line access business to focus on higher-growth markets.
June 11, 2005 |
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.
February 2, 2005 |
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.
December 27, 2006 |
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.