Robins Geller Rudman and Dowd LLP announced that a Class Action lawsuit has been filed against Nokia in the US District Court on behalf of Nokia’s shareholders.
The Partnership firm’s complaint charges that Nokia has violated the Securities Exchange Act of 1934. According to the charge, Nokia told its investors that the transition to Windows Phone platform would help stem its fall. Which apparently, isn’t happening at the moment. Nokia expected its first quarter 2012 non-IFRS Devices & Services operating margin to fall by 3%, and projected first quarter 2012 Devices & Services net sales of €4.2 billion. It also disclosed a glitch in its newest Windows offering – the Lumia 900. Nokia had to immediately offer customers an automatic $100, making the phone essentially free.
Windows Phone 8 Apollo couldn’t come soon enough. And if you are one of those who believe that turnarounds happen in a year, you better get out of this ‘investor’ business.