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By 1997, Nortel had become the world's second-largest telecommunications gear maker behind AT&T spinoff Lucent Technologies. But Nortel grew too quickly, overpaying for acquisitions with its inflated stock. The company was bleeding revenue as the dot-com bubble burst and spending on network gear vanished in the previous decade. After the dot-com bust, Nortel had problems of its own: the accounting crisis that sparked shareholder lawsuits, regulatory investigations and the firing of key executives, including Dunn.
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