Nokia Corporation (ADR) (NYSE:NOK) Investor Files Class Action Lawsuit Over Alleged Securities Laws Violations
December 13, 2012 (Update) - Case dismissed. Nokia said the plaintiffs have agreed to dismiss the case against the Finnish company, without any compensation having been paid.
May 03, 2012 (Shareholders Foundation) -- An investor in shares of Nokia Corporation (NYSE:NOK) filed a lawsuit in the U.S. District Court for the Southern District of New York against Nokia Corporation over alleged Violations of Federal Securities Laws in connection with certain allegedly false and misleading statements.
According to the complaint the plaintiff alleges on behalf of purchasers of Nokia Nokia Corporation (ADR) (NYSE:NOK) publicly traded securities during the period between October 26, 2011 and April 10, 2012, that Nokia Corporation violated the Securities Exchange Act of 1934. Specifically, the plaintiff alleges that defendants told investors that Nokia's conversion to a Windows platform would halt its deteriorating position in the smartphone market, but it did not.
Nokia Corporation reported that its annual Revenue fell from EUR 50.7billion in 2008 to $38.65billion in 2011 and its Net Income of EUR 3.98billion in 2008 turned into a Net Loss of EUR 1.16billion.
Shares of Nokia Corporation (ADR) (NYSE:NOK) dropped from over $37 in 2008 to roughly $5 per share in the first months of 2012.
Then on April 11, 2012, Nokia Corporation lowered Devices & Services first quarter 2012 outlook and provided second quarter 2012 outlook. Among other things, Nokia Corp, said the “difficult financial performance reflects company in transition”.
Shares of Nokia Corporation (ADR) (NYSE:NOK) fell from $5.02 on April 10, 2012 to $4.24 on April 11, 2012 and continued to decline to as low as $3.60 per share during April 24, 2012.