Nokia hit with class action suit from shareholders

Angry investors say the company misled them about its global prospects

Disgruntled Nokia Corp. shareholders have filed a class action lawsuit against the company, alleging that it knowingly misled investors about its share of the smartphone market.

According to the suit, the company “told investors that Nokia’s conversion to a Windows platform would halt its deteriorating position in the smartphone market.” But the company’s first-quarter sales did not meet expectations, and a glitch in its new smartphone—the Lumia 900—forced the company to offer customers $100 as compensation.

Alanna Byrne

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