Law360, New York (May 07, 2012, 6:03 PM ET) -- A Nokia Corp. shareholder hit the cellphone maker Thursday with a proposed class action claiming the Finnish company and two top executives deceived investors about the probability of success for its new Windows-based phones.
Filed in New York federal court, the complaint accuses Nokia, president and CEO Stephen A. Elop and chief financial officer Timo Ihamuotila of pumping up share prices by misrepresenting the prospects and results of its new line of Lumia phones, designed to run on Microsoft Corp.'s Windows operating system.
“Defendants told investors...
Nokia Windows Phone Promises Rang False, Investor Says
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