Habe hier wiedermal ein neues Thema eröffnet. Dieser Titel wurde hier noch nie besprochen. Habe kein Thema gefunden.
Das ist einer meiner wenigen Titeln die ich vor ein paar Monaten mit Verlust gekippt habe. Da kamen, kommen, und werden wohl noch kommen laufend schlechte News..
Hier wieder Mal so eine Horrormeldung.
NT lässt grüssen. Da kann ich nur raten: Hände weg...
Gruss Rich
Nortel to Pay More Than $2.4 Bln in Settlement Deal (Update3)
Feb. 8 (Bloomberg) -- Nortel Networks Corp., the largest North American telephone-equipment maker, may pay more than $2.4 billion in cash and stock to end shareholder lawsuits stemming from the company's accounting fraud.
Nortel would pay $575 million in cash, 628.7 million shares and half of any recovery in suits by Nortel against former executives Frank Dunn, Douglas Beatty and Michael Gollogly. The deal is with lead plaintiffs in two cases and is conditioned on reaching a global settlement, Nortel said today in a statement.
The agreement would mark the fifth biggest class action settlement and would let new Chief Executive Officer Mike Zafirovski focus on reviving sales and winning back customers. He is seeking to restore confidence in the Brampton, Ontario-based company after Nortel restated results from 1999 to 2003 and fired executives over misreported sales and costs.
``It clears the deck and lets the new CEO manage the company with no encumbrances,'' said Paras Bhargava, an analyst at BMO Nesbitt Burns Inc. in Toronto. He is reviewing his rating on the company now.
The stock slipped on concern the payment is bigger than investors expected. ``It's at the high-end of Street expectations, maybe even a little above,'' Bhargava said.
Nortel shares fell 25 cents to $2.77 at 8:54 a.m. in New York Stock Exchange composite trading. They had dropped 1.3 percent this year before today.
Governance Changes
The company expects to expenses of $2.473 billion, or 57 cents a share, for the deal. The proposed settlement doesn't cover ongoing investigations by U.S. and Canadian securities regulators.
The total settlement amount will include all plaintiffs' court-approved attorneys' fees. The talks are being mediated by U.S. District Court Judge Robert W. Sweet, and the settlement would contain no admission of wrongdoing.
The deal also requires Nortel and the plaintiffs to agree to corporate governance changes and to resolve some insurance issues. The company wasn't more specific.
``Resolving these important issues will enhance the company's ability to focus on our transformation and renewal priorities and our customers,'' Zafirovski said in the statement.
Zafirovski in November replaced Bill Owens, a retired admiral and former vice chairman of the U.S. Joint Chiefs of Staff, who spent 18 months fixing the accounting misstatements.
Nortel improperly boosted sales by accelerating the booking of fiber-optic equipment contracts. The company also miscalculated reserves, or provisions for expected expenses. The funds can be reversed when the costs don't materialize, increasing income.
Nortel said in November its loss last quarter narrowed as revenue surged 22 percent on orders for gear to send calls and data over the Internet, and the company boosted its annual sales growth forecast to 13 percent.
Owens focused on sales of equipment used in high-speed networks run by companies such as Verizon Wireless and on expanding in countries such as China and India.
Habe in der Crash-Phase mit Nortel ebenfalls sehr hohe Buchverluste aufgesammelt, die endgültig realisiert wurden, wegen hohen Depot-Spesen, damals bei CS. Der Titel ist ein für allemal ausgbucht und existiert für mich nicht mehr! In die genau gleich Kategorie habe ich Lucent eingeordnet.
Zufällig ähnliche Meinung, Lucent und Nortel existieren für mich nicht mehr. Ericsson kann ich noch dazuschnüren. Werde mich zu diesen Werten nicht mehr äussern, auch wenn sie durch die Decke katapultieren sollten.
Ja, geht mir ähnlich. NT für mich teures Lehrgeld. Kommen nie mehr in PF.
Aehnliche Situation für ERI. Nur die habe ich noch. Kleiner Betrag, habe Hoffnung noch nicht ganz verloren. Leider damals die Kapitalerhöhung nicht mitgemacht, deshalb Performance noch schlechter.
Gruss Rich
Schon wieder. Zum Glück bin ich da raus. :mrgreen:
Gruss Rich
Nortel to Restate Financial Results Again, Posts Loss (Update2)
March 10 (Bloomberg) -- Nortel Networks Corp., the largest North American telephone-equipment maker, said it will again restate financial results to reduce sales and profit because of accounting errors.
The fourth-quarter net loss was $2.21 billion after a $2.5 billion legal expense, Brampton, Ontario-based Nortel said in a statement today, citing preliminary figures.
Nortel, which has been working to get past a $3.23 billion accounting restatement last year, said revisions to financial results will reduce sales prior to 2003 by $470 million and profit by $99 million. For the first nine months of 2005, sales will be cut by $162 million and earnings by $95 million.
Nortel had ``misapplications of accounting theory,'' Chief Financial Officer Peter Currie said on a call with analysts and investors today.
The company is also restating 2003 and 2004 results and said it plans to file its 10-K form to the U.S. Securities and Exchange Commission by April 30.
In the fourth quarter, revenue rose to $2.95 billion from a previously reported $2.59 billion a year earlier. The net loss of $2.21 billion, or 51 cents a share, compares with an earlier reported profit of $107 million, or 2 cents, a year earlier.
Chief Executive Officer Mike Zafirovski, in his first full quarter at the helm, is facing another restatement as he tries to resolve claims from the last accounting scandal. The company has been plagued by a spate of earnings restatements that dated back to 1999 as well as lawsuits and government investigations.
Nortel shares, little changed for the year, fell 9 cents to $3 at 8:23 a.m. in early trading on the New York Stock Exchange.
NT
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