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Case ID: 3339 | Stocks | 04/03/2006
Several class actions have been filed against cellular phone manufacturer Nokia OYJ (Nokia Corporation) (NYSE: NOK) and certain of its officers and directors by stockholders who purchased the company's common stock between January 8, 2004, and April 6, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
The action names as defendants Nokia, Matti Alahuhta (Nokia’s Chief Strategy Officer), Pekka Ala-Pietila (Nokia’s President), Jorma Ollila (Nokia’s Chairman and Chief Executive Officer) and Richard A. Simonson (Nokia’s Chief Financial Officer). The action alleges that during the applicable period, the defendants represented that sales growth in the first-quarter of 2004 would be between 3% and 7%, that Nokia expected market growth to continue, and that it had a strong position in the market for mobile phones. On April 6, 2004, Nokia announced in a press release that: (1) first-quarter 2004 net sales would not increase by 3-7% as previously stated but would decrease by 2%, (2) that it had been unable to respond to changing trends in demand for mobile phones, and (3) that it was losing market share to its competitors. On this news, Nokia ADRs, which had closed at $21.15 on April 5, 2004, fell 16% to $17.73% in midday trading on volume in excess of 71 million shares. If you purchased securities issued by Nokia during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by June 7, 2004. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that your claim is typical of the claims of other class members, and that you will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiffs. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. You may retain any counsel of your choice to serve as you in this action, or you may choose to do nothing, and remain in the class as a silent member. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Allot Communications Ltd. ("Allot" or the “Company”) (Nasdaq:ALLT) who purchased shares of the Company in connection with its November 15, 2006 Initial Puxblic Offering ("IPO") or who purchased shares thereafter in the open market, have until July 2, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Southern District of New York. No class has yet been certified in this action.
UNTIL A CLASS IS CERTIFIED, YOU ARE NOT PERSONALLY REPRESENTED BY COUNSEL UNLESS YOU RETAIN AN ATTORNEY. The parties have reached a $10 million settlement in an administrative enforcement proceeding filed against i2 Technologies, Inc., (OTC:ITWO.PK) by the Securities and Exchange Commission on behalf of investors who purchased the companies publicly traded securities between 1998 and 2002. The action alleged that the company misstated approximately $1 billion in software license revenues, in violation of federal securities laws. Persons eligible to take part in the settlement should contact the attorneys who prosecuted the case. A class action has been filed against HydroFlo, Inc. (HYRF), certain of its officers and directors by stockholders who purchased the company's common stock between July 18, 2005 and October 26, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. On May 12, 2008, a motion to consolidate cases, to appoint lead plaintiffs and for the approval of the selection of lead counsels was filed by City of Fort Myers Police Officers' Retirement System.
Several class actions have been filed against deep discount retailer 99 Cents Only Stores (NYSE: NDN) and certain of its officers and directors by stockholders who purchased the company's common stock between April 20, 2000, and February 4, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. Several class actions have been filed against hedge fund operator Durus Capital Management, LLC, Durus Life Sciences Master Fund, Ltd., Scott Sacane, and Aksys, Ltd., by stockholders who sold short shares of Aksys, Ltd., (Nasdaq:AKSY) between January 1, 2003, to July 24, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially deflating the price of the company's securities. |
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