Nokia denies fraud allegations

Iraq News.Net
Monday 8th February, 2010

Mobile-phone giant Nokia has indicated it will defend allegations made in the US that it committed securities fraud by concealing information about production delays and price cuts.

The suit launched claims Nokia's new product launches in 2008 were unable to be met, due to component supply shortages and manufacturing problems.

The US District Court in New York has also been told that Nokia didn't notify investors that it had drastically cut its average selling prices in order to maintain market share.

Nokia has said it will defend the suit, which has been brought on behalf of investors who bought the company's American Depository Shares between January 24th and September 5th, 2008.

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