NEW YORK, April 23, 2004 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, case number 04 Civ. 03034, on behalf of all persons or entities who purchased or otherwise acquired Nokia OYJ (Nokia Corp.) ("Nokia" or the "Company") securities (Nasdaq:NOK) during the period between January 8, 2004 and April 6, 2004, both dates inclusive (the "Class Period"). The Complaint names Nokia, Jorma Ollila, Richard Simonson, Pekka Ala-Pietila, and Matti Alahuhta as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Aaron Patton at Murray, Frank & Sailer LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at info@murrayfrank.com.
The Complaint alleges that defendants violated section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission. In particular, the Complaint alleges that defendants failed to disclose and/or misrepresented the following adverse facts, among others: (a) that the Company's market share for its handsets was eroding; (b) that this was due to its failure to introduce attractive handsets (a GSM clamshell model) in key middle-markets such as the United States, Asia, and Europe; (c) that sales of networking equipment were worse than expected due to market erosion of Nokia's products; (d) that the Company's new reorganization to four operating divisions did not energize the Company but rather reduced responsiveness to its business problems and caused the Company to experience operational effectiveness; and (e) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and their earnings projections.
On April 6, 2004, Nokia announced that its first quarter 2004 net sales would be below guidance. Nokia's net sales for the first quarter 2004 were estimated to be EUR 6.6 billion, representing a decline of 2% compared to the first quarter 2003 (vs. guidance of up 3-7%). News of this shocked the market. Shares of Nokia on the NYSE fell 18.6%, or $3.94 per share, to close at $17.21 per share, down nearly 27% from their 52-week high of $23.52 per share in early March 2004. Additionally, shares of Nokia on the Helsinki exchange dropped 17.1% to 14.38 euros ($17.39).
Plaintiff is represented by the law firm of Murray, Frank & Sailer LLP. Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Nokia common stock during the Class Period described above, you may, no later than June 7, 2004, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.murrayfrank.com. Contact plaintiff's counsel Eric J. Belfi or Aaron Patton of Murray, Frank & Sailer LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca