BOULDER, Colo.--(BUSINESS WIRE)--The Shuman Law Firm today announced that it has filed a class action in the United States District Court for the Southern District of New York on behalf of purchasers of Nokia Corporation (“Nokia”) (NYSE:NOK) publicly traded securities during the period between October 26, 2011 and April 10, 2012, (the “Class Period”).
If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll-free at (866) 974-8626 or email Mr. Shuman at firstname.lastname@example.org or Mr. Glenn at email@example.com.
The Complaint alleges that Nokia, a provider of telecommunications infrastructure hardware, software, and services, and certain of its officers and directors violated the federal securities laws. Specifically, it is alleged 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.
Plaintiff seeks to recover damages on behalf of all purchasers of Nokia publicly traded securities during the Class Period (the “Class”).
If you are a member of the Class, you may move the court no later than July 2, 2012, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.