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Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Nokia Corporation.
SAN DIEGO–(BUSINESS WIRE)–
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/nokiacorp/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Nokia Corporation (“Nokia”) (NYSE:NOK – News) publicly traded securities during the period between October 26, 2011 and April 10, 2012 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800-449-4900 or 619-231-1058, or via e-mail at [email protected]. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/nokiacorp/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Nokia and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Nokia provides telecommunications infrastructure hardware, software, and services worldwide.
The complaint alleges that during the Class Period, 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. Nokia expected its first quarter 2012 non-IFRS Devices & Services operating margin to fall by 3%, and projected first quarter 2012 Devices & Services net sales of €4.2 billion. 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.
Plaintiff seeks to recover damages on behalf of all purchasers of Nokia publicly traded securities during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller represents U.S. and international investors and consumers in contingency based complex litigation. With nearly 200 attorneys in nine offices, the firm represents more institutional investors and pension funds in securities and corporate litigation than any other law firm in the world. Not only has the firm obtained six of the largest recoveries in history, but the firm has been ranked number one in the number of shareholder class action recoveries in MSCI’s Top SCAS 50 every year since 2003. According to Cornerstone Research, the firm’s recoveries have averaged 35% above the median for all firms over the past seven years (2005-2011). Please visit http://www.rgrdlaw.com for more information.
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