Nokia Slapped with Class Action Suit Filed by Investor
Nokia plans to "vigorously" defend itself against a class action complaint filed by an investor. The complaint accuses Nokia of failing to take into account manufacturing problems when it made statements about certain devices.
Nokia will "vigorously" defend itself against a class action
complaint filed in the U.S. District Court for the Southern District of
New York on Feb. 5, the company said in a Feb. 8 statement.
The complaint, according to Nokia, alleges securities fraud in regard to statements Nokia made between Jan. 24, 2008, and Sept. 5, 2008, about the production and sales of specific mobile devices.
The Wall Street Journal reports that the complaint was filed by U.S. law firm Coughlin Stoia "on behalf of an institutional investor" and that Nokia's statements "allegedly failed to take manufacturing problems into account."
Nokia, in its statement, offered the succinct response: "Nokia has reviewed the allegations contained in the complaint and believes that they are without merit."
Over the last few months, Nokia has also traded legal paperwork with Apple. On Oct. 22, Nokia first filed a complaint against Apple, accusing the company of infringing on 10 of its patents for GSM, WLAN and UMTS (Universal Mobile Telecommunications System) standards. Apple responded on Dec. 12, alleging that Nokia currently infringes on 13 of its patents.
Nokia additionally filed another complaint against Apple - this one regarding patent infringements in the areas of user interface, camera, antenna and power management technology - with the International Trade Commission, which has agreed to investigate its complaint.