WEST HARTFORD, CT--(Marketwire -05/09/12)- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the publicly traded securities of Nokia Corporation ("Nokia" or the "Company") (NOK) between October 26, 2011 and April 10, 2012, inclusive (the "Class Period").
The Complaint alleges that Nokia, a provider of telecommunications infrastructure hardware, software, and services worldwide, and certain of its officers and directors violated the federal securities laws. Specifically, the Complaint alleges 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 EUR 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. On this news, the price of Nokia's American Depositary Shares ("ADRs") dropped over 16% in a single day.
If you are a member of the class, you may, no later than July 2, 2012, request that the Court appoint you as lead plaintiff of the class. 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.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/nokia/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firstname.lastname@example.org. For more information about class action cases in general, please visit our website: www.izardnobel.com.