U.S. Attorney In Dallas Subpoenas Nortel Records

Nortel, which recently fired three senior executives--including chief executive Frank Dunn--after discovering problems with its 2003 and earlier financial statements, said it will fully cooperate with authorities.

Nortel did not say whether the firings were related to any criminal probe.

The Brampton, Ontario-based company, which has a major facility in the Dallas area, said Friday it has received a federal grand jury subpoena for the production of certain documents, including financial statements and corporate, personnel and accounting records, prepared since Jan. 1, 2000.

It said it had been advised that the materials are pertinent to a criminal investigation by the U.S. Attorney's office in Dallas.

The company, one of the world's biggest suppliers of telecommunications equipment, is under investigation by stock-market regulators in Canada and the United States over its accounting.

Nortel stock fell 30 cents, or nearly 6 percent, to $5.01 in heavy early trading at the Toronto Stock Exchange. The company's U.S.-traded shares took a similar plunge on the New York Stock Exchange, falling 22 cents to $3.58.

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