LOS ANGELES, April 29, 2004 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all persons who purchased or otherwise acquired securities of Nokia OYJ (Nokia Corp.) ("Nokia" or the "Company") (Nasdaq:NOK) between January 8, 2004 and April 6, 2004, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Nokia and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' omissions and material misrepresentations concerning Nokia's business operations and prospects artificially inflated the Company's stock price, inflicting damages on investors. Nokia designs and produces mobile phones, remote controls, digital TV receivers, digital music players, antennas and other accessories. 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 Nokia's failure to introduce GSM clamshell handsets 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 (e) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive earnings projections.
On April 6, 2004, Nokia announced that its first-quarter 2004 net sales would be below guidance. Nokia's net sales for first-quarter 2004 were estimated to be EUR 6.6 billion, representing a decline of 2% compared to first-quarter 2003, and below guidance of a 3-7% increase. This news shocked the market, and shares of Nokia on the NYSE fell 18.6% to close 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 seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than June 7, 2004, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca