Nokia Corporation (NYSE:NOK)
MURRAY, FRANK & SAILER LLP is investigating securities fraud claims against Nokia Corporation ("Nokia" or the "Company") (NYSE:NOK) and certain of its executives and officers, on behalf of purchasers of Nokia American Depository Shares ("ADSs") between January 24, 2008 and September 5, 2008, inclusive (the "Class Period").
It is alleged that during the Class Period, defendants failed to disclose material adverse facts about the Company's true financial condition, business and prospects. Specifically, it is alleged that defendants failed to disclose: (i) that the positive statements about Nokia's new product launches were without reasonable basis given the component supply shortages and manufacturing problems Nokia was then encountering; (ii) that the Company was losing market share due to intense price cuts by competitors; and (iii) that while defendants stated they expected the overall industry average selling price ("ASP") to decline in 2008, they failed to disclose Nokia had dramatically slashed its ASPs to maintain its market share due to severe price competition.
On September 5, 2008, Nokia issued a press release announcing its outlook for its mobile device market share for the third quarter of 2008. The Company cited in a conference call later that day a production glitch with a mid-range device and aggressive price cuts by some of its rivals, particularly at the low end of the market. In response to these statements, the price of Nokia ADSs dropped approximately 8%, to $20.62, on heavy volume.
If you purchased Nokia securities within the Class Period, you may move the Court, not later than April 6, 2010, to serve as Lead Plaintiff for the class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class. If you purchased Nokia securities and wish to discuss this litigation, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.
MURRAY, FRANK & SAILER LLP