Nokia Corporation (ADR) Investors File US Lawsuit

If you purchased American Depository Shares of Nokia Corporation (ADR) (Public, NYSE:NOK) between January 24, 2008 and September 5, 2008, you have certain options and there are strict and short deadlines running. Deadline: April 05, 2010. Those NOK investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Nokia
Case Name: 
Nokia Shareholder Class Action 02/22/2010
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: NOK
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/05/2010
Class Period Begin: 
01/24/2008
Class Period End: 
09/05/2008
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
04/05/2010
Summary: 

An investor in Nokia Corporation (ADR) (Public, NYSE:NOK) filed a lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of the American Depository Shares of Nokia Corporation (NYSE:NOK) between January 24, 2008 and September 5, 2008, against Nokia Corporation and others over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that Nokia Corporation and certain of its officers and executives violated that Securities Exchange Act of 1934 by failing to disclose between January 24, 2008 and September 5, 2008 material adverse facts about its true financial condition, business and prospects. Then on September 5, 2008, Nokia Corp issued a press release announcing its outlook for its mobile device market share for the third quarter of 2008. Nokia Corporation cited in a conference call later that day a production glitch with a mid-range device and aggressive price cuts by some of its rivals, particularly at the low end of the market. In response to these statements, the price of Nokia Corporation (ADR) (Public, NYSE:NOK) shares dropped approximately 8%, to $20.62, on heavy volume.

Nokia Corporation, located in Finland and listed on the NYSE, is engaged in the manufacturing of mobile devices and in converging Internet and communications industries. The company is engaged in manufacturing a range of devices for all the consumer segments and offer Internet services that enable people to experience music, maps, media, messaging and games. Nokia Corporation (ADR) reported in 2007 Total Revenue of $51.058billion with a Net Income of $7.205billion, in 2008 Total Revenue of $50.71billion with a Net Income of $3.988billion, and in 2009 Total Revenue of $40.984billion with a Net Income of $891million. Shares of Nokia Corporation (ADR) (NOK) recently traded at $13.39 per share, down from its 52weekHigh of $16.58 per share, $28.13 per share in July 2008, $37.62 per share in February 2008, and almost $40 per share in 2007.