STEVENSON, Md., May 7, 2012 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Nokia Corporation ("Nokia" or the "Company") (NYSE:NOK) publicly traded securities during the period between October 26, 2011 and April 10, 2012, inclusive (the "Class Period").
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 2, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that, contrary to the Company's statements to investors that its conversion to a Windows platform would halt its deteriorating position in the smartphone market, such was not the case. According to the complaint, after, on April 12, 2012, Nokia disclosed that its first quarter performance would be worse than expected and that there was a glitch in its newest Windows offering - the Lumia 900 that prompted Nokia to immediately offer customers an automatic $100, making the phone essentially free, the value of Nokia ADRs declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
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