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In page Nortel:

"

In the late 1990s, stock market speculators, hoping that Nortel would reap increasingly lucrative profits from the sale of fibre optic network gear, began pushing up the company's share price to unheard-of levels despite the company's repeated failure to turn a profit.[2] Under the leadership of chief executive officer (CEO) John Roth, sales of optical equipment had been robust in the late 1990s, but the market was soon saturated. When the speculative telecom bubble of the late 1990s reached its pinnacle late in the year 2000, Nortel was to become one of the most major casualties.[citation needed][3] Nortel's revenues would be dented by a saturated market and the failure of WorldCom, which was a major customer.[4][5][6]