It took awhile but ex-Nortel CFO Doug Beatty and ex-controller Michael Gollogly are suing the company for wrongful dismissal. Beatty and Gollogly were terminated with cause along with ex-CEO Frank Dunn in March 2004 amid allegations they were part of a group that cooked the booked to trigger a lucrative bonus structure. Gollogly is seeking $4-million in compensatory, mental distress, punitive and aggravated damages, plus other costs. In the lawsuit, Gollogly alleges he was fired in mid-March, 2004 – soon after Nortel said it needed to restate its financial results again.
Beatty, Gollogly Suing NT
It took awhile but ex-Nortel CFO Doug Beatty and ex-controller Michael Gollogly are suing the company for wrongful dismissal. Beatty and Gollogly were terminated with cause along with ex-CEO Frank Dunn in March 2004 amid allegations they were part of a group that cooked the booked to trigger a lucrative bonus structure. Gollogly is seeking $4-million in compensatory, mental distress, punitive and aggravated damages, plus other costs. In the lawsuit, Gollogly alleges he was fired in mid-March, 2004 – soon after Nortel said it needed to restate its financial results again.