Investors sue Nokia for fraud surrounding the Lumia 900 and Windows Phone

Nokia sued by investor

While Nokia has filed a patent lawsuit against HTC and RIM, the Finnish company is at present on the receiving end of litigation. Robert Chmielinski, a Nokia investor, has filed a form activity suit in U.S. Federal Courtroom challenge Nokia fabricated false and misleading comments on its Windows Phones and how the new phones would effect the visitor'south position in the market.

The complaint was filed in the Southern Commune of New York and cites several statements from Nokia'due south CEO Stephen Elop where he spoke of the company's plans for success with the Lumia Windows Phones. The claim besides cites industry experts who claimed Nokia had all the correct tools to win the smartphone game. Chmielinski sees these equally false statements and fraud because Nokia's market shares take declined and the Lumia 900 had a software glitch which resulted in $100 credit to customers, making the Lumia 900 basically a free phone for most consumers.

"Defendant'due south statements prepare forth above were materially imitation and misleading because Nokia'due south migration to a Windows platform was not going every bit well as represented. The Lumia 900 had a glitch which forced Nokia to offer a $100 credit and earlier Lumia offerings were not as well accepted every bit represented"

Chmielinski feels that due to this fraud, he and the grade suffered economical loss that could accept been avoided. While the complaint doesn't place a dollar amount, the plaintiffs are asking for damages, interest and costs from Nokia equally well as equitable, injunctive or other relief the Courtroom may deem simply.

Nokia has issued a very brief response to the litigation saying,

"Nokia is reviewing the allegations independent in the complaint and believes that they are without merit. Nokia volition defend itself against the complaint."

Then, what do you lot think? Did Nokia overstep information technology's bounds and falsely predict the Lumia's success? Or did Nokia simply have a positive outlook and investors knew the risks? Does the term caveat emptor come to mind?

Yous tin discover the full complaint confronting Nokia here.

Source: PCMag; Thanks, Andrew, for the tip!

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