& cplSiteName &

Nortel: No Delisting Actions Yet

Light Reading
News Analysis
Light Reading
11/24/2004

Nortel Networks Ltd. (NYSE/Toronto: NT) issued its latest fortnightly status update, and set analysts at Lehman Brothers wondering about the potential delisting of the vendor's shares from the New York and Toronto stock exchanges (see Nortel Provides Latest Update).

Nortel, which still has a number of financial filings outstanding, stated that both exchanges have "verbally confirmed" that they haven't started -- and don't intend to start -- any "suspension or delisting procedures" at present, although that situation could always change (see Nortel: Financial Stuff Really Complex).

Specifically, the NYSE has told Nortel that it plans to conduct a review of Nortel's listing status if the vendor hasn't filed its Form 10-K for 2003 by December 30. In that instance, the exchange could allow Nortel's stock to continue trading for a further three months.

In a research note issued today, Lehman analyst Steve Levy writes that "it seems that the company has just been given until roughly March 31 [2005] before a delisting is likely."

He also noted, given the nature and tone of the whole update, that "Nortel continues to slowly remove uncertainty surrounding its business and its stock," but that "the remaining uncertainty is still too large to warrant purchase of NT shares."

Nortel share price was up by 16 cents (5%) this afternoon, at $3.33.

— Ray Le Maistre, International News Editor, Light Reading




For the latest intelligence and analysis of next-generation telecom market opportunities, check out the coming Light Reading Live! event: Light Reading's Telecom Investment Conference, at the exclusive Plaza Hotel in New York City, on Wednesday, December 15, 2004.

(0)  | 
Comment  | 
Print  | 
Newest First  |  Oldest First  |  Threaded View        ADD A COMMENT
Featured Video
Upcoming Live Events
October 22, 2019, Los Angeles, CA
November 5, 2019, London, England
November 7, 2019, London, UK
November 14, 2019, Maritim Hotel, Berlin
December 3-5, 2019, Vienna, Austria
December 3, 2019, New York, New York
March 16-18, 2020, Embassy Suites, Denver, Colorado
May 18-20, 2020, Irving Convention Center, Dallas, TX
All Upcoming Live Events