Shareholders who suffered losses in Nokia Corporation (NYSE:NOK) American Depository Shares are encouraged to contact Kendall Law Group regarding a class action filed in the Southern District of New York. The complaint alleges violations of the securities laws affecting stock purchased between January 24, 2008 and September 5, 2008. To contribute information or for advice on your rights as a shareholder, contact a firm with substantial experience representing investors in securities lawsuits nationwide at 877-744-3728 or by email at firstname.lastname@example.org.
If you purchased American Depository Shares of Nokia during this time period, you may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by April 6, 2010. A lead plaintiff acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff. Any member of the class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
On February 5, 2010, a class action complaint was filed alleging that Nokia and certain officers and executives issued positive statements about new product launches without reasonable basis, due to supply shortages and manufacturing problems. The complaint also alleges that Nokia was losing market share due to intense price cuts by competitors. The complaint further alleges that Nokia slashed their average selling price to maintain its market share due to severe price competition, stating that they expected the overall industry average selling price to decline in 2008.
On September 5, 2008, Nokia announced its first quarter 2008 outlook for its mobile device market share. Later that day, the company stated in a conference call that there was a production glitch with a mid-range device and aggressive price cuts by some rivals. On this news, Nokia American Depository Shares dropped approximately 8%.