SOURCE: Brower Piven, A Professional Corporation

February 11, 2010 13:10 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $2,500,000 From Investment in Nokia Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 6, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - February 11, 2010) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the American Depositary Shares ("ADSs") of Nokia Corporation ("Nokia" or the "Company") (NYSE: NOK) during the period between January 24, 2008 and September 5, 2008, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 6, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through or 410/415-6616) to answer any questions you may have in that regard. 

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the positive statements about Nokia's new product launches were made without a reasonable basis because of known component supply shortages and manufacturing problems Nokia was then encountering; that the Company was losing market share due to intense price cuts by competitors; and that while defendants stated they expected the overall industry average selling price ("ASP") to decline in 2008, they failed to disclose Nokia had dramatically slashed its ASPs to maintain its market share due to severe price competition. According to the complaint, after the Company, on September 5, 2008, disclosed a production glitch with a mid-range device and aggressive price cuts by some of its rivals, particularly at the low end of the market, the value of Nokia's stock declined significantly.

If you have suffered a net loss for all transactions in Nokia Corporation securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.


Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact