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Nokia Subject Of Class Action Complaint

The suit alleges that between Jan. 8 and March 25, when the defendants spoke of the company’s positive outlook for the period, they were knowingly making “materially false and misleading statements.”

According to the claim, the company was aware its financial outlook was less than sunny because for one, Nokia “was losing market share at an alarming rate in Asia and other significant markets because of Nokia’s failure to keep apace with changing trends in customer demands, and in particular, Nokia’s failure to introduce the so-called ‘clamshell handsets’ popular in markets such as China and becoming increasingly popular in Europe,” the claim reads.

Read more at ITWorld.