| Update on Nortel Class Action |  |
Nortel Networks, along with its former officers Frank Dunn and Michael Gollogly, have withdrawn altogether their motions to dismiss the claims made against them. This will allow the lawsuit to proceed immediately to the discovery stage, and the case should proceed as quickly as possible.
Also, the co-lead plaintiffs withdrew their claims against the individuals who were members of Nortel’s audit committee during the period in question (John Cleghorn, Robert Brown, Robert Ingram, Guylaine Saucier and Sherwood Hubbard Smith, Jr.). These claims have been withdrawn without any restrictions on the claims being re-started. If in the course of finding out further information about the misconduct that occurred at Nortel, the co-lead plaintiffs determine that it would be in the best interests of class members to re-start these claims against the audit committee members, the co-lead plaintiffs are free to do so.
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 between April 23, 2003 and April 27, 2004. 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.
More information and regular updates concerning the case will be available at the website of Court-appointed Lead counsel for the Class, Bernstein Litowitz Berger & Grossmann LLP - www.blbglaw.com.
The Ontario Teachers’ Pension Plan is an independent corporation responsible for investing $80 billion in assets and administering the pensions of Ontario’s 155,000 elementary and secondary school teachers and 97,000 retired teachers.
Background:
Update November 17, 2004
Teachers’ Chosen as Co-Lead Plaintiff in Nortel Class Action