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Investors File Class Action Suit Against Nokia

Article Comments  12  

May 4, 2012, 7:41 AM   by Eric M. Zeman   @phonescooper

A New York law firm filed a class action lawsuit against Nokia this week, alleging that the company's executives violated the Securities Exchange Act. The complaint reads, in part: "Defendants told investors that Nokia’s conversion to a Windows platform would halt its deteriorating position in the smartphone market. It did not. This became apparent on April 11, 2012, when Nokia disclosed that its first quarter performance would be worse than expected. It also disclosed a glitch in its newest Windows offering – the Lumia 900. Nokia had to immediately offer customers an automatic $100, making the phone essentially free. As a result of this disclosure, the price of Nokia’s American Depositary Shares (“ADRs”) dropped over 16% in a single day." The lawsuit seeks to recover damages (i.e., financial loses) endured by Nokia stockholders. Nokia is in the middle of transitioning from Symbian to Windows Phone. The Lumia 900 and Lumia 710 are its first Windows Phone devices available to U.S. buyers.

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Globhead

May 4, 2012, 2:07 PM

LAWYER TROLLING: THEY DON'T HAVE A LEAD PLAINTIFF

Sorry for the all-caps, but I felt like shouting.

The press release on their website includes a solicitation for someone to be the lead plaintiff. Ergo, they haven't already got one.

So their own press release makes it look like they are inventing this BS case, fishing for at least a single plaintiff, probably just hoping to collect their fees for processing this nonsense.
do you need a license to be a lawyer?
it seems like every freaking idiots can be a lawyer!
Nevermind, the actual filing does list "Robert Chmielinski".
Jacobsladder375

May 4, 2012, 2:43 PM

What Glitch?

What was the Glitch on the Numia 900?
It couldn't automatically connect to the LTE network. You could manually do it by going into settings but, Nokia quickly sent out an update to fix this issue.
ibnturab

May 4, 2012, 2:47 PM

Just Fire Nokia's CEO Stephen Elop

They don't need a lawsuit. All they need to do is fire CEO Stephen Elop. In 3 months they could be turning up both windows and android phones. Let the market determine the fate of Nokia, not some ex-microsoft employee (Elop)
Jellz

May 4, 2012, 11:09 AM

"making the phone essentially free"

As if all Nokia got per-handset was $100. The carrier pays them full price on the phones and sells them at a loss. Nokia only lost $100 per phone through April 22.

Right?
Yeah, that's a confused and moronic complaint they are offering.
crood

May 4, 2012, 10:50 AM

I'm not sure I get this

Are they saying Nokia knowingly lied? If a company just makes some bad calls, is that actionable? Investing involves risk. They invested in a company that's had a shrinking market share for some time that is banking on platform that's been lagging behind the market, as well.
hey, it' much easier to somebody than being stupid!
stupid losers should just stay out of the stock markets!
Of course it is not actionable. Any court in the country that doesn't laugh this away needs to be under review. If this were to hold up under judicial scrutiny, it would lead to more lawsuits where investors making poor choices would sue the compani...
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