Class Period: Oct 26, 2011 to Apr 10, 2012
Lead Plaintiff Deadline: Jul 3, 2012 + Deadline passed
Summary of Case:
A securities class action has been filed against Nokia Corporation ("Nokia" or the "Company") on behalf of all purchasers on any U.S. exchange, or where title passed within the U.S., of the publicly traded securities of Nokia between October 26,2011 and April 10,2012 . This case has been filed in the USDC - Southern District of New York.
The complaint aleges 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 salesof $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.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.