According to a press release dated February 05, 2010, the complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges that defendants failed to disclose: (i) that the positive statements about Nokia’s new product launches were without reasonable basis given the component supply shortages and manufacturing problems Nokia was then encountering; (ii) that the Company was losing market share due to intense price cuts by competitors; and (iii) that while defendants stated they expected the overall industry average selling price (“ASP”) to decline in 2008, they failed to disclose Nokia had dramatically slashed its ASPs to maintain its market share due to severe price competition.
On September 5, 2008, Nokia issued a press release announcing its outlook for its mobile device market share for the third quarter of 2008. The Company 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 ADSs dropped approximately 8%, to $20.62, on heavy volume.
On June 9, 2010, the Court denied Bristol Pension's Motion for Appointment as Lead Plaintiff and for Approval of Selection of Lead Counsel. However, the Operating Engineers' Motion for Appointment as Lead Plaintiff was granted. Operating Engineers' Motion for Approval of Selection of the law firm of Robbins Geller Rudman & Dowd LLP to serve as Lead Counsel was also granted.
On August 23, 2009, an amended complaint was filed against the defendants by the lead plaintiffs.
On September 6, 2011, the Court issued and Order granting Defendant's Motion to Dismiss. The Court allowed the Plaintiff to file an Amended Complaint within 60 days of the Order.