Nokia Accused in Suit of Misleading Investors on Smartphones
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Nokia Oyj, the Finnish mobile-phone maker, was sued by an investor who accused the company of overstating the benefit of introducing Windows-based smartphones.
The company led investors to believe that its shift last year to Microsoft Corp.’s Windows Phone would halt a decline in market share, Robert Chmielinski, the shareholder, said in a May 3 complaint in U.S. District Court in New York. The market share declined further and Nokia reported worse-than-expected results, he said in the complaint.