Nortel Networks Again Will Restate Results

Nortel Networks Corp. will once again have to restate its financial results to fix accounting mistakes, the company said as it posted a fourth-quarter loss of $2.2 billion.

Canada’s Nortel said the loss resulted from a charge of $2.5 billion to settle two class-action lawsuits that stemmed from a previous bout of accounting troubles.

Nortel also said it and its principal operating unit would restate financial results for 2003, 2004 and the first nine months of 2005, and would have adjustments to periods before 2003, mainly due to revenue incorrectly recognized in previous periods that should have been deferred to future periods.