Lawsuit that claimed Nokia lied about Lumia sales resolved

Way back in May, just after the launch of the Lumia 900 from Nokia, a Nokia shareholder named Robert Chmielinski filed a lawsuit against the company. Chmielinski claimed that Nokia executives had lied to their shareholders about the sales of their Lumia smartphones at that time.

Today, Nokia sent out a brief press release announcing that "after further investigation" Chmielinski has now agreed to dismiss his lawsuit. While the press release did not go into specifics, it did say that Chmielinski made this decision " ... without any compensation being paid to any plaintiff or their counsel by any defendant." In other words, Nokia did not settle the case by paying Chmielinski any money.

It is true that Nokia has seen better days financially. The launch of the first Windows Phone-based Lumia smartphone, the Lumia 800, occurred in Europe just over a year ago, but even Nokia CEO Steven Elop admitted that sales of Lumia devices in parts of Europe were "mixed." The company had a better reception in the US when the Lumia 900 launched in April.

Now that there are a number of different Lumia smartphones for all price ranges either in stores or in the works, we suspect that Nokia will have some better financial news when it announces its fourth quarter 2012 results in January.

Source: Nokia
Via: The Next Web

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15 Comments

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I am planning to put a lot of money in Nokia stocks (a lot in my budget mean a few hundred dollars), my estimate was 20 to 1, I already lost the first chance a few weeks ago and now the stocked doubled, so maybe it is still 10 to 1, or losing a lot, anyway, I wish if they don't lie about sales in the future so I can decide to go and buy shares or not.

A few hundreds from me will only pay the CEO Jet fuel maybe, or his lunch, who knows how he is using them, but still may make money on the short term.

R1pper said,
*my 2 cent rant out of the blue*

if only the 820 had a gorilla glass 2 + higher resolution, oh my.....

It'd be called a 920.

so what was he hoping to prove, as a shareholder if the company was lying it would have gone public and the company price would have fallen more.
Personal gain I guess, he wanted some sort of payout