According to the law firm press release, 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.
On July 25, 2012, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel.
On December 11, 2012, the parties entered a Stipulation of Voluntary Dismissal into the Court's docket, dismissing certain individual defendants from this action.