Case Page

 

Case Status:    DISMISSED    
On or around 12/13/2011 (Date of order of final judgment)

Filing Date: February 05, 2010

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.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: Finland

SECURITIES INFORMATION:

Ticker Symbol: NOK
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 10-CV-00967
JUDGE: Hon. George B. Daniels
DATE FILED: 02/05/2010
CLASS PERIOD START: 01/24/2008
CLASS PERIOD END: 09/05/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 10-CV-00967
JUDGE: Hon. George B. Daniels
DATE FILED: 08/23/2010
CLASS PERIOD START: 01/24/2008
CLASS PERIOD END: 09/05/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Manhattan)
    52 Duane Street, 7th Floor, Robbins Geller Rudman & Dowd LLP (Manhattan), NY 10007
    212.693.1058 212.693.7423 ·
No Document Title Filing Date