Nokia Stung With Class Action Over ADS Plunge

Law360, New York (February 8, 2010, 3:17 PM EST) -- Nokia Corp. is facing a securities fraud class action alleging rosy predictions its officers made in 2008 were known to be false and resulted in a dramatic loss of value for holders of the company's American Depositary Shares.

Finland-based Nokia and several of its officers were sued Friday in the U.S. District Court for the Southern District of New York for failing to disclose adverse facts about the company's financial position, business and prospects during 2008.

The complaint is on behalf of an institutional investor —...
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