Scandal Around Nokia

The largest global manufacturer of mobile phones, Nokia, intends to “vigorously” defend itself in court on charges of fraud. The scandal erupted last Friday when a group of investors from the United States has accused the Finnish manufacturer of concealing information and as a consequence of falling profits. The petition was filed in federal court in New York on February 5.

It noted, that Nokia had not informed investors about the production delays in the release of certain models of mobile phones in 2008. According to the plaintiffs, this violation of the decline in prices of Nokia products, led to a drop in the cost of mobile phones and reduction of operating profit. Nokia, in its turn, called all the allegations ungrounded.
We would like to mention that the company’s net profit in 2009 decreased 4,5 times and was only 891 million euros compared to the 3.99 billion euros of a year earlier.

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