Class action against Nokia dismissed in its entirety

Class action against Nokia dismissed in its entirety

Judge Kenneth M. Karas of the United States District Court for the Southern District of New York granted Nokia Corporation’s Motion to Dismiss all claims made in the class action securities litigation filed against Nokia Corporation and several of its executives in April 2004.

Judge Karas dismissed with prejudice each and every claim against Nokia Corporation and the individual defendants. In a 77-page opinion, Judge Karas carefully reviewed each of the plaintiffs’ allegations and found none of them to be substantiated by fact. By dismissing the claims with prejudice, Judge Karas has denied the plaintiffs the opportunity to raise them again. In addition, he has denied the plaintiffs the right to file an amended complaint, finding that continued pursuit of the case would be futile.

Nokia is very pleased with the decision, as the company has not at any stage of the case believed there to be any merit to the plaintiffs’ allegations. The judge’s decision clearly affirms this belief.

Read the complete Press Release