Law Offices of Howard G. Smith announces that it is investigating potential claims against Nokia Corporation (“Nokia” or the “Company”) (NYSE:NOK) concerning whether the Nokia Corporation 401(k) Plan (the “Plan”) imprudently invested in Nokia stock and whether the Plan’s administrators breached their fiduciary duties to the Plan’s participants in violation of the Employee Retirement Income Security Act of 1974 (ERISA).
According to a securities complaint filed February 5, 2010, in the United States District Court for the Southern District of New York, during 2008 Nokia and certain of its executive officers failed to disclose that the Company was likely to experience production delays associated with its mid-price range cellular phones, including certain of the Company’s smartphones. The complaint alleges these delays, among other things, adversely affected operating margins in the Company’s highly profitable Devices and Services segment, causing the price of Nokia American Depositary Shares to plummet. The current investigation concerns whether Nokia and other administrators of the Plan failed to prudently and loyally manage the Plan’s investments in Nokia stock by continuing to offer Company stock when the stock was no longer a prudent investment for participants’ retirement savings.
If you are a current or former employee who participated in, or continues to participate in, the Nokia Corporation 401(k) Plan and have information or would like to learn more about these claims, please contact Howard Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, Toll-Free at (888) 638-4847, by email to firstname.lastname@example.org or visit our website at www.howardsmithlaw.com.