According to the Complaint, Nokia 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 fixed, IP, optical applications and analytics technologies. 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.