NEW YORK, May 13, 2004 (PRIMEZONE) -- The Law Firm of Geller Rudman, PLLC announced today that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Nokia OYJ (Nokia Corp.) ("Nokia" or the "Company") (NYSE:NOK) publicly traded securities during the period between January 8, 2004 and April 6, 2004, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.geller-rudman.com/view_case.asp?cID=269.
The complaint charges Nokia, Jorma Ollila, Richard Simonson, Pekka Ala- Pietila, and Matti Alahuhta with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that, throughout the Class Period, defendants issued numerous statements to the market concerning the Company's financial results, which failed to disclose and/or misrepresented the following adverse facts, among others: (1) that the Company's market share for its handsets was eroding; (2) that this was due to its failure to introduce attractive handsets (a GSM clamshell model) in key middle-markets such as the United States, Asia, and Europe; (3) that sales of networking equipment were worse than expected due to market erosion of Nokia's products; (4) that the Company's new reorganization to four operating divisions did not energize the Company but rather reduced responsiveness to its business problems and caused the Company to experience operational effectiveness; and (5) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and their earnings projections.
On April 6, 2004, Nokia announced that its first quarter 2004 net sales would be below guidance. Nokia's net sales for the first quarter 2004 were estimated to be EUR 6.6 billion, representing a decline of 2% compared to the first quarter 2003 (vs. guidance of up 3-7%). News of this shocked the market. Shares of Nokia on the NYSE fell 18.6%, or $3.94 per share, to close at $17.21 per share, down nearly 27% from their 52-week high of $23.52 per share in early March 2004. Additionally, shares of Nokia on the Helsinki exchange dropped 17.1% to 14.38 euros ($17.39).
If you bought Nokia publicly traded securities between January 8, 2004 and April 6, 2004, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than June 7, 2004. If you are a member of this class, you can join this class action online at http://www.geller-rudman.com. Any member of the purported class may move the Court to serve as lead plaintiff through Geller Rudman or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Geller Rudman, PLLC is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premier firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Geller Rudman, PLLC has grown to become one of the most respected and successful firms representing investors and consumers in class action litigation. The firm came of age under the client focused realities of the Private Securities Litigation Reform Act of 1995, which provided new opportunities for institutional investors to assume leadership in combating securities fraud.
The firm's lawyers have achieved substantial recoveries for aggrieved investors and consumers in class action lawsuits prosecuted in state and federal courts throughout the nation. Geller Rudman, PLLC maintains a widely recognized reputation for excellence, as courts have repeatedly appointed the firm to major positions in intricate multi-district or consolidated litigations. In this regard, Geller Rudman, PLLC has successfully pursued hundreds of class action lawsuits, has taken a lead role in numerous complex litigations on behalf of defrauded investors and consumers and has been responsible for billions in recoveries as well as landmark corporate governance changes. The firm maintains offices in Boca Raton and New York.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.geller-rudman.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca