Keller Rohrback L.L.P. Files Class Action Suit on Behalf of Shareholders of Nortel Networks Corp

Business Wire, Feb 24, 2001

Business Editors & Legal Writers

SEATTLE--(BUSINESS WIRE)--Feb. 24, 2001

The law firm of Keller Rohrback L.L.P. announces that a class action lawsuit was filed on February 23, 2001, on behalf of purchasers of the securities of Nortel Networks Corp. ("Nortel" or the "Company") (NYSE:NT)(TSE:NT) between November 1, 2000 and February 15, 2001, inclusive (the "Class Period").

The complaint alleges that Nortel and certain of its officers and directors violated federal securities laws by making a series of materially false and misleading statements, by issuing a series of material misrepresentations to the market between November 1, 2000 and February 15, 2001. Specifically, the complaint alleges that defendants misrepresented the level of demand for its products from its customers. Defendants knew at the time they made these statements that, in fact, Nortel was experiencing a substantial shortfall in first quarter sales and earnings due to decreased orders from its customers. As a result of these false and misleading statements, the complaint charges, Nortel's stock price was artificially inflated throughout the Class Period, causing plaintiffs and the other members of the Class to suffer damages.

If you purchased Nortel securities between November 1, 2000 and February 15, 2001, inclusive, you may wish to actively participate in this litigation. You may move the court to serve as a lead plaintiff no later than April 17, 2001. In order to serve as a lead plaintiff, you must meet certain legal requirements. You are not required to serve as lead plaintiff, however, in order to preserve your rights as a class member.

If you wish to discuss this announcement, have information relevant to the investigation, or have questions on how to join as a class representative in any securities class action, you may contact Jennifer Tuato'o, Investor Relations Representative, or any member of our team (Attorneys Lynn Sarko, Juli Farris and Elizabeth Leland, and Paralegal Jen Veitengruber) toll free at 800/776-6044 or via e-mail at investor@kellerrohrback.com.

Keller Rohrback L.L.P. is a law-firm headquartered in Seattle that has successfully represented shareholders and consumers in class action cases for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.