NEW YORK, May 9, 2019 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Nokia Corporation ("Nokia" or the "Company") (NYSE: NOK) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and indexed under 19-cv-03982, is on behalf of a class consisting of all persons and entities who purchased or otherwise acquired Nokia's securities between April 15, 2015 through March 21, 2019, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Nokia securities during the class period, you have until June 18, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Nokia engages in the network and technology businesses worldwide. Among other things, Nokia provides hardware, software, and services for telecommunications operators, enterprises, and related markets/verticals, including public safety and Internet of Things ("IoT"). The Company also offers various networking solutions, including networking infrastructure, implementation, and optimization products and services.
On April 15, 2015, Nokia announced plans to purchase Alcatel-Lucent S.A. ("Alcatel"), a French global telecommunications equipment company. Nokia finalized the acquisition of Alcatel on November 2, 2016.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Alcatel maintained insufficient internal controls and was materially non-compliant in its business practices; (ii) Nokia had failed to conduct adequate due diligence into Alcatel prior to its acquisition; (iii) subsequent to the completion of Nokia's acquisition of Alcatel, the Company maintained insufficient internal controls over the integration of Alcatel's businesses; (iv) as a result of the foregoing, at all relevant times, Nokia was at risk of serious criminal and civil penalties; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
On March 21, 2019, Nokia filed its Annual Report on Form 20-F with the SEC, announcing the Company's financial and operating results for the fiscal year ended December 31, 2018 (the "2018 20-F"), wherein the Company disclosed that it had "been made aware of certain practices relating to compliance issues" at Alcatel that raised concerns. Nokia advised investors that it had "initiated an internal investigation and voluntarily reported the matter to the relevant regulatory authorities, with whom we are cooperating with a view to resolving the matter."
Following this disclosure, the price of Nokia's American depositary receipts ("ADRs") fell $0.38 per share, or 6.07%, to close at $5.88 per share on March 22, 2019.
On March 22, 2019, after market hours, Nokia issued a press release responding to the "market rumors" surrounding the March 21, 2019 disclosure (the "March 2019 Press Release"). Specifically, the March 2019 Press Release attempted to assuage investor fears regarding these issues, stating that the "investigation is not expected to have a material impact on Nokia."
Despite Nokia's attempt to soothe investors in the March 2019 Press Release, the price of Nokia ADRs continued to decline over the next few trading days, falling an additional $0.19 per share from its close price on March 22, 2019, or approximately 3.23%, to close at $5.69 per share on March 28, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP