Public records indicate that a class action lawsuit has been filed on behalf of investors in Nokia (NYSE:NOK) in connection to alleged securities law violations by NOK. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Nokia between October 25, 2018 and March 21, 2019.
The class action complaint specifically alleges that during the period in question, NOK provided false and/or misleading material information and/or failed to disclose adverse material information to the public, namely: that the company Alcatel-Lucent, which Nokia previously acquired, did not have adequate internal controls and some of its business practices were materially noncompliant; that Nokia had not performed sufficient due diligence of Alcatel before it acquired the company; that prior to its acquisition of Alcatel, Nokia had inadequate internal controls governing the integration of Alcatel; that consequently the company faced a risk of civil and criminal scrutiny and action; and that consequently the company’s statements to the public during the relevant period were false and misleading. When the company disclosed in an SEC filing on March 21, 2019, that it had recently been “made aware of certain practices relating to compliance issues” in connection with Alcatel, and informed investors that it had launched “an internal investigation and voluntarily reported the matter to the relevant regulatory authorities,” the price of the company’s ADRs declined about 6%, falling $0.38/share to a close of $5.88/share on the following day. The complaint alleges that when true facts emerged, investors suffered losses.
According to the company’s website, Nokia is a “multinational communications and information technology company” involved in the development and sale of network equipment, services, and licensing, which it sells across the globe. The company’s customers “include service providers whose combined networks support 6.1 billion subscriptions,” public and private companies, and consumers. Its portfolio of products includes 5G technology, mobile transport solutions, business support systems, networks, cloud technology, data center infrastructure, analytics, operations support systems, optical networks, and radio access networks. The company trades on the New York Stock Exchange under the symbol NOK.