Nortel (NYSE: NT) warned today that revenues for the third quarter would be lower than revenues reported for the second quarter.

The warning was part of Nortel’s regular update as part of its ongoing financial review.

“On a full-year basis, the Company now expects that its 2004 revenue percentage growth over 2003 will be in the mid single digits and that the overall communications equipment market will grow faster than that,” Nortel said in a statement.

Nortel also said that 27 class-action suits filed against it over the financial crisis have been consolidated in the Southern District of New York. A consolidated complaint was filed on Sept. 10, the company said.