| Teachers' Chosen as Co-Lead Plaintiff in Nortel Class Action |
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The class action is brought on behalf of investors who purchased Nortel securities and suffered damages as a result of violations of U.S. securities laws during Nortel’s 2003 and 2004 fiscal years. Specifically, the claims are based upon the defendants’ issuance of a series of false and misleading information concerning Nortel’s financial results and performance which had the effect of artificially inflating the price of Nortel’s securities during the period in question.
“All shareholders in public companies rely on accurate disclosure of information to make informed investment decisions. Therefore, we believe companies, executives and directors should be held accountable for their actions,” said Robert Bertram, Teachers’ Executive Vice-President, Investments. “We will contribute the necessary time, expertise and legal resources to represent all investors in this class action.”
More information and regular updates concerning the case will be available at the Web site of Court-appointed Lead counsel for the Class, Bernstein Litowitz Berger & Grossmann LLP - www.blbglaw.com.
In similar proceedings, Teachers’ was also appointed earlier in 2004 as co-lead plaintiff with Local 282 Welfare Trust Fund in a securities class action suit under the U.S. federal securities laws against Biovail Corporation and certain of its senior executives, including Eugene Melnyk, Brian Crombie, John Miszuk and Kenneth Howling. The class action seeks to recover damages caused by the defendants’ false and misleading statements during the class period from February 7, 2003 through and including March 2, 2004.
The Ontario Teachers’ Pension Plan is an independent corporation responsible for investing $76 billion in assets and administering the pensions of Ontario’s 155,000 elementary and secondary school teachers and 93,000 retired teachers.
Update January 20, 2005
Update November 17, 2004