According to the Complaint, Nokia Corporation is a network and technology company that provides hardware, software, and services for telecommunications operators and enterprises and provides fixed networking solutions. In November 2016, Nokia closed its acquisition of Alcatel-Lucent, a company that offers networking hardware, IP technologies, software and services. Nokia and Alcatel-Lucent have been operating as a combined company since January 2016.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Alcatel-Lucent had certain compliance issues; (2) that, as a result, the Company would be subject to regulatory scrutiny; (3) that, as a result, the Company was reasonably likely to face penalties and fines; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On June 27, 2019, the Court issued an Order consolidating cases. On July 16, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on October 30. On January 8, 2020, Lead Plaintiff filed a second consolidated amended Complaint. Defendants filed a Motion to Dismiss the second consolidated amended Complaint on May 1. On March 29, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.