Nokia Is Facing An Accusation From Shareholders

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According to foreign news reports, Nokia has recently encountered new troubles. A shareholder named Robert Chmielinski filed a collective accusation in the court, directly aiming at directed at the Nokia Company and its senior management. Its shareholders said Nokia had exaggerated the sales of Lumia to cheat and mislead shareholders.

Nokia CEO Stephen Elop and Chief Financial Officer Timo Ihamuotila were also among the people being sued.

As is known to all, the era of Nokia dominating the mobile space has ended. But this time, the shareholder Robert filed a collective accusation against Nokia, accusing Nokia and the executives mentioned above telling a lie that the sales of Lumia are strong and Nokia will therefore reverse the plight of the company by publishing the wrong statement from October 2011 to April 2012. The plaintiffs believed that these initiatives had misled and deceived the shareholders of Nokia.

Robert said in the allegations that, Nokia turning to use Microsoft’s WP platform has not been able to prevent the worsening plight of Nokia in the smart phone market, and this eventually led to ...
... tens of thousands of Nokia shareholders suffering huge economic losses.

In addition, Robert also alleged that Nokia disclosed faulty in the latest Windows Mobile Lumia 900, so Nokia immediately paid $ 100 compensation to consumers, which also led to the phone being free for users in real terms. After Nokia disclosed the news, Nokia’s trading share prices in the U.S. stock market have fallen sharply by as much as 16% in one day.

In addition, Robert also alleged that the defendant had a motive and opportunity of fraud and that the defendant actually knew what harm the misleading declaration will produce, but the defendant was stubborn.

Robert finally said: “Nokia’s statement is actually very wrong, but also misled shareholders, transfer to the Windows platform because Nokia did not achieve what they call the effect" Robert also accused Nokia, Elop, Iramodila and other people “jointly participated the action of deceiving the market.”

In less than five years, Nokia’s holdings in the stock value have fallen by about 90%. According to the information provided by market research firm, in the first quarter of this year, Nokia has been surpassed by Samsung, ending the hegemony of 14 years of intelligent machines.

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