Manhattan District Judge Andrew Carter dropped a lawsuit against Nokia on Monday night. Nokia is accused of defrauding shareholders, concealing problems in the process of integrating Alcatel-Lucent, and preparing to become a leader in 5G technology.
Carter stated in his judgment that the chief plaintiff Clyde Waite failed to determine that any of Nokia’s statements were false and misleading.
Carter also believes that in view of Nokia’s multiple and continuous disclosures regarding the integration of Alcatel and 5G, the claim that Nokia’s statement would have misled rational investors is not credible.
Carter ruled that the case was unconditionally dismissed, which meant that the plaintiff could not file another lawsuit. Lawyers for Witte and Nokia have not yet commented. Rajeev Suri, the former CEO of Nokia, was also named as the defendant, and he did not comment.
(Via)
