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Nokia To Defend Itself Against US Class Action Suit

Date : 05/04/2012 @ 10:58AM
Source : Dow Jones News
Stock : Nokia Corp. (NOK)
Quote : 7.73  -0.13 (-1.65%) @ 3:48PM
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Nokia To Defend Itself Against US Class Action Suit

Nokia (NYSE:NOK)
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Finnish handset maker Nokia Corp. (NOK) Friday said it will defend itself against a class action suit brought against the company in the United States.

The class action was filed by U.S.-based law firm Robbins Geller Rudman & Dowd LLP on Thursday, at the Southern District Court of New York.

In a statement, Robbins Geller said Nokia has misled investors by claiming that its transition to using Microsoft Corp.'s (MSFT) Windows Phone operating systems for its smartphones would halt the company's 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," Robbins Geller said in the statement.

Nokia said its reviewing the suit, adding however that it believes that the allegations "are without merit" and that it will defend itself against the complaint.

Robbins Geller said it seeks to recover damages on behalf of all purchasers of Nokia's shares.

At 1416 GMT shares in Nokia traded 9.8% lower at EUR2.41.

-By Sven Grundberg; Dow Jones Newswires; +46-702 88 36 39; sven.grundberg@dowjones.com

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