NEW YORK, May 28, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Nokia Corporation (“Nokia” or the “Company”) (NOK) of the June 18, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Nokia stock or options between April 15, 2015 and March 21, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/NOK. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Nokia securities between April 15, 2015 and March 21, 2019 (the “Class Period”). The case, Max v. Nokia Corporation et al, No. 19-cv-03982 was filed on May 3, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Alcatel maintained insufficient internal controls and was materially non-compliant in its business practices; (2) Nokia had failed to conduct adequate due diligence into Alcatel prior to its acquisition; (3) subsequent to the completion of Nokia’s acquisition of Alcatel, the Company maintained insufficient internal controls over the integration of Alcatel’s businesses; (4) as a result of the foregoing, at all relevant times, Nokia was at risk of serious criminal and civil penalties; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On March 21, 2019, the Company disclosed that it had been, “made aware of certain practices relating to compliance issues at the former Alcatel Lucent business [acquired by Nokia November 2016] that have raised concerns.″ Nokia then advised investors that it had initiated an internal investigation and that it was cooperating with regulatory authorities to resolve the matter.
On this news, the Company's stock price fell from $6.26 per share on March 21, 2019 to $5.88 per share on March 22, 2019—a $0.38 or 6.07% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Nokia’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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