Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Nokia Defends Self Against Forecast Lawsuit
Apr 9, 2004
 Printable format
 Email this Article
 Search

Mobile phone maker Nokia, headquartered in Helsinki, Finland, has defended itself against a lawsuit filed by investors in the U.S. that accused the company of making "material misrepresentations" about its financial outlook for the first quarter.

Nokia vowed to "defend itself against the complaint" and called it meritless.

The complaint, filed on April 6, 2004 in U.S. District Court in New York, U.S., was tied to the company's previous statements about expected first-quarter financial results and targeted the company itself, and four of its executives, including the CEO, Jorma Ollila.

The lawsuit claims Nokia has issued "material misrepresentations" about its forecast during the period of January through April, causing the value of shares to grow artificially higher in value, only to have them drop after it warned Monday that sales were expected to drop.

Nokia said in the forecast that its sales were expected to drop by 2 percent from last year, down from previous forecasts of 3-percent to 7-percent growth, sending its shares down 17 percent at the Helsinki Stock Exchange.

The first quarter results will be released April 16, 2004.

Nokia, whose mobile phone sales account for 80 percent of total revenue, has focused increasingly on the handset market. (Associated Press)

Back to Daily News

 

Daily News

...........................................................

Jul 25, 2014: Whirlpool Refrigerator is First Commercial Application of Polyurethane Insulation Using HFO Blowing Agent

Jul 24, 2014: Remodeling Spending to Be Slower, But Still Strong, in Early 2015

Jul 23, 2014: Whirlpool North America Reports Record Operating Profits

Jul 23, 2014: Japan Destroyed 3.6 Million KG Fluorocarbons from Commercial Refrigerators and AC

Jul 22, 2014: Lennox International Reports Record Profit in Second Quarter

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows