Feeds

Nokia blip prompts class action suit

Follow that ambulance

  • alert
  • submit to reddit

Bridging the IT gap between rising business demands and ageing tools

A jittery market shaved 17 per cent off Nokia's share price on Tuesday after the company announced lower than previously anticipated sales figures.

Nokia this week said that handset sales would rise 19 per cent, but that's less it had forecast in January. Instead of a first quarter sales increasing by between three to seven per cent, Nokia announced that sales would be two per cent down. A class action suit in the US has been filed against CEO Jorma Ollila, company president Peka Ala-Pietela, CFO Richard Simonson and chief strategy officer Matti Alahuhuta in a New York district court.

Ambulance-chasing lawsuits are hardly rare in the United States. Milberg Weiss, the law firm that filed Tuesday's action against Nokia is something of a specialist. has filed ten similar cases a month in the last six months, including Nortel Networks, and Wave Systems, the favorite of Howard Dean's former campaign manager and "cyber guru" Joe Trippi.

Such suits have proved difficult for investors to win. Plaintiffs need to prove that the company officers willfully misled shareholders. Nokia issued a statement saying the case was without merit and vowed to defend it. ®

Related Story

Nokia warns of handset sales slip

Application security programs and practises

More from The Register

next story
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.