Toronto (April 29, 2004) -- Nortel Networks Corp., which is under investigation by U.S. and Canadian securities regulators in connection with its past financial restatements, has fired three of its top executives, including its chief executive, and said it will restate results as far back as 2001.

The company said its CEO and president Frank Dunn and its former chief financial officer Douglas Beatty and former controller Michael Gollogly -- both of whom had been on paid leave since March -- have been terminated for cause.

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