Lawsuit alleging Nokia misled shareholders dismissed

13 Dec 20121 Share

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Nokia Lumia 710 smartphones

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A US lawsuit by an investor who claimed smartphone maker Nokia had inflated the introduction of its Windows Phone has been dismissed, Nokia announced today.

Nokia said the case, which was filed in New York in May, closed after shareholder Robert Chmielinski agreed to dismiss it without any compensation.

Chmielinski had claimed Nokia and its CEO Stephen Elop and CFO Timo Ihamuotila, who were named as defendants in the suit, wilfully misled and defrauded shareholders between October 2011 and April 2012 by making false statements about a potential turnaround thanks to strong sales of the Lumia smartphone, The Next Web reported.

Chmielinski had sought unspecified damages plus costs, having also claimed that Nokia’s switch to the Windows Phone platform did nothing to stop its decline in the smartphone market. This, Chmielinski said, led to significant economic losses for thousands of Nokia shareholders.

Tina held senior editorial positions at daily newspapers in Ottawa and Toronto

editorial@siliconrepublic.com