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Statement filing delayed

Thursday, Sept. 2, 2004 | 9:13 a.m.

BRAMPTON, Ontario -- Nortel Networks Corp., a telephone equipment maker that is the focus of regulatory and criminal probes in the United States and Canada, delayed by a month the filing of financial statements for 2003 and the first half of 2004.

The results will be filed by the end of October, Brampton, Ontario-based Nortel said in a statement. The "volume and complexity" of the restatement for 2003 and earlier periods caused the delay, Nortel spokeswoman Tina Warren said in an interview. She wouldn't elaborate.

The delay may raise investor concerns about Nortel's finances, said Duncan Stewart at Tera Capital Corp. Since March, 650 of Nortel's financial employees and auditor Deloitte & Touche LLP have been working on a second restatement after accounting errors were uncovered.

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