HELSINKI, Finland-Nokia Corp.’s about-face on its sales expectations sparked additional lawsuits Thursday alleging that the company misled investors between January and its April 6 announcement.
Kicking off the spate of lawsuits Tuesday was the law firm of Milberg Weiss Bershad Hynes & Lerach LLP, which said Nokia violated “sections 10(b) and 20(a) of the securities exchange act of 1934, and Rule 10b-5 promulgated thereunder,” by issuing a series of misrepresentations to the market between Jan. 8 and April 6. On April 6, Nokia announced its mobile-phone sales would come in below expectations, news that sent its stock down almost 20 percent.
On Thursday, two more law firms, Cauley Geller Bowman & Rudman LLP and Schiffrin & Barroway LLP filed similar complaints.
Nokia said it would challenge the lawsuits.