Press Release
Canadian National Class Action Filed Against Nortel Networks Corporation
TORONTO, ONTARIO--February 23, 2001
A national class action lawsuit was launched today on behalf of all Canadians who lost money when Nortel's stock price collapsed on February 16, 2001.
The Statement of Claim was issued in Toronto, Ontario. The lawsuit alleges that insiders at Nortel profited from knowledge which was not publicly disclosed to ordinary investors. The class action was started by Carol Fraser, a 74-year-old retired widow from St. Catharines, Ontario, who lost savings when the stock collapsed. Mrs. Fraser's lawyer, Vincent Genova, explains, "Corporations have a duty to their shareholders -- all of their shareholders, whether rich or poor, to alert people right away when there are problems with the company. It is unfair that some insiders appear to have known about material changes at Nortel, but the ordinary investor was shut out in the cold."
Joel Rochon, another lawyer working for Mrs. Fraser, states, "We need to get to the bottom of this situation. And we need to make sure that Canada's security laws are enforced. We can't leave this problem to be resolved by U.S. Courts."
Mrs. Fraser's law firm, Rochon Genova, is an established class action law firm based in Toronto. It is associated with the pre-eminent American class action law firm, Lieff Cabraser Heimann & Bernstein, LLP ("Lieff Cabraser"). Lieff Cabraser represents American shareholders who lost money on Nortel. Also acting for Mrs. Fraser is the Toronto class action law firm McGowan & Associates.
Mr. Rochon explains, "It is important for Canadians and Americans to work together to resolve this problem. People have to be able to trust the capital markets by knowing that security laws will be enforced. Otherwise there is no protection for the average investor."
Mrs. Fraser's lawsuit is the first action commenced in Ontario (an action was commenced in Quebec on February 22, 2001), and it is the first action to include all of Canada (actions were started in New York on February 19, 2001).
For further information on the Canadian class action, contact Joel Rochon or Vincent Genova at Rochon Genova, (416) 363-1867, or on the Internet at www.rochongenova.com. Or call Vincent Genova at (416) 876-7054 (cellular).
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP is a fifty-plus attorney law firm that has represented plaintiffs nationwide since 1972. We have offices in San Francisco, New York and Nashville. We represent plaintiffs in class and group actions and in individual lawsuits in cases involving substantial losses. For the last six years, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation.
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