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[Alfred E. Neuman]

Nortel warns on Q3 revenue
Sees market growth outpacing own top-line expansion


By Madeleine Acey, CBS MarketWatch
Last Update: 8:11 AM ET Sept. 16, 2004


LONDON (CBS.MW) -- Nortel Networks issued a sales warning on Thursday and revealed a further class-action lawsuit, sending shares lower in pre-open trading.

The Canadian network equipment maker said third-quarter revenue would be lower than in the second quarter. It added that it expected full-year revenue growth to be in the "mid single digits" with its overall market growing faster.

Nortel (NT: news, chart, profile) also revealed that a new class-action suit was filed against the company on Sept. 10. It alleged that Nortel made false and misleading statements.

Shares eased 6.6 percent to $3.55.

The company didn't comment on the legal action, which followed the consolidation in June of 27 class-action complaints.

CEO Bill Owens said in a statement: "As we work through this challenging transition period, completing our restatement activity and implementing the new strategic plan for the company, I am confident that Nortel Networks will be positioned to complete strongly in all of our markets with the right products and services as we move into 2005."