Nortel of Canada ducks release of financial report – again

Nortel Networks has announced a further delay to the release of its financial results for the last three-and-half years, and has again postponed its AGM. The company now plans to release the results in mid-November having once again failed to meet its own deadline for restating its final 2003 and 1H 2004 financial reports of end-October. The news of more uncertainty over the long-awaited results sent shares in the equipment maker down 3.5% on the New York bourse.