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TORONTO (Reuters) — Nortel Networks Corp. (NT) (NT) fired its top three executives on Wednesday and said accounting problems already under investigation by regulators ran deeper than expected.
The surprise announcement from North America’s largest maker of telecommunications equipment sent its shares plunging as investors speculated that an accounting review begun last year was developing into a full-blown financial scandal.
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Ugh. And I own a piece of this company.
Nortel has been in trouble for as long as I can remember out of my life in Canada. The company has been in the news way too many times. I hope you won’t lose anything.
Thanks, Bea. Nah. When I bought the stock Nortel was doing much better, then it took a nosedive. I knew then it would recover, but I would need to hold onto the stock for a while to see ROI,