“Nokia has been hit with a class-action lawsuit charging the company with making promises it couldn’t keep,” Don Reisinger reports for CNET.
“Law firm Robbins Geller Rudman & Dowd (RGR&D) yesterday filed a class-action lawsuit against Nokia and its executives in the U.S. District Court for the Southern District of New York on behalf of those who owned the company’s shares between October 26, 2011 and April 10,” Reisinger reports. “‘The complaint alleges that during the Class Period, defendants told investors that Nokia’s conversion to a Windows platform would halt its deteriorating position in the smartphone market. It did not,’ the law firm wrote in a statement. ‘This became apparent on April 11, 2012, when Nokia disclosed that its first quarter performance would be worse than expected.'”
Reisinger reports, “Nokia has watched its business deteriorate over the last few years, and slow considerably during the last couple of quarters, forcing its CEO Stephen Elop last month to warn of more trouble in 2012.”
Read more in the full article here.
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[Thanks to MacDailyNews Reader “Flyboyrls” for the heads up.]
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