Local News

Some Shareholders File Class Action Lawsuit Against Nortel

Posted March 19, 2004 9:32 a.m. EST

— Nortel is on the wrong end of a class-action lawsuit.

Some shareholders say Nortel reported solid fourth-quarter earnings. They bought more stock, then prices fell sharply when Nortel announced it may have to restate those results. Now, those shareholders are suing the company.

Nortel employs about 3,000 people in the Triangle.

The company has not commented on the lawsuit.