Nokia Faces Class-Action Suit Over Windows Phone Deal

Posted by Soulskill on Friday May 4, 2012 @02:57AM from the barn-doors-and-horses dept.

nk497 writes "Nokia has been hit with a class-action suit, with the claimant accusing the company of making 'false and misleading' statements about the ability of its deal with Microsoft to revive the struggling mobile maker. '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,' read a statement (PDF) from the law firm Robbins Geller Rudman and Dowd. 'It did not.'"

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Re:Another ridiculous lawsuit by oh_my_080980980 · 2012-05-04 03:09 · Score: 1, Flamebait

Or an idiot - you - is born every minute.

The suit alleges Nokia lied to investors. This is very serious. Corporations lying to investors is not taken likely. If Nokia knowingly over-stated performance, then yes the suit has merit. Nokia had an entire year to turn things around. As it turned out, they did not. A bad 2012 1Q and project bad 2Q means Nokia is failing and that the deal with Microsoft did not help Nokia.

Learn a thing or two about corporate financial reporting.