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Nortel Gets Subpoena

According to the WSJ Nortel Networks Corp. received a federal grand jury subpoena to produce documents, including financial statements and corporate, personnel and accounting records, for the periods from Jan. 1, 2000 to the present.
The Brampton, Ontario, maker of telecommunications gear said Friday that it was told the documents relate to a criminal investigation being conducted by the U.S. Attorney's Office for the Northern District of Texas, Dallas Division. The company said it will fully cooperate with the authorities in this matter.The company -- already under investigation by regulators in the U.S. and Canada for its accounting practices -- late last month fired President and Chief Executive Frank Dunn, Chief Financial Officer Douglas Beatty and Controller Michael Gollogly, saying the three were "terminated for cause." The firings came as Nortel said it would restate, for the second time, its results for last year and expects to slash reported profit in half.

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