Nokia Faces Class-Action Suit Over Windows Phone Deal 257
nk497 writes "Nokia has been hit with a class-action suit, with the claimant accusing the company of making 'false and misleading' statements about the ability of its deal with Microsoft to revive the struggling mobile maker. 'The complaint alleges that during the Class Period, defendants told investors that Nokia's conversion to a Windows platform would halt its deteriorating position in the smartphone market,' read a statement (PDF) from the law firm Robbins Geller Rudman and Dowd. 'It did not.'"
Oh yeah, baby. (Score:5, Insightful)
I'm going to sue for every stock I have that has lost value.
And when I'm done, I'm going to sue all the companies who didn't go up as much as I would've liked!
I'll be rich!
The ole' Embrace and Extend (Score:5, Insightful)
Historically speaking, entering any kind of business deal with Microsoft usually ends badly.
The Microsoft mobile kiss of death... (Score:5, Insightful)
...claims another victim.
Re:Oh yeah, baby. (Score:5, Insightful)
I'll be rich!
no you won't, but your lawyers will be :)
Re:Another ridiculous lawsuit (Score:3, Insightful)
Forward-looking statements have disclaimers. This guy is a moron. There was no 'lying' to this at all.
Re:Unated States of Idiots (Score:2, Insightful)
Re:Another ridiculous lawsuit (Score:5, Insightful)
Wait, what? Nokia just released their first Windows Phones in November 2011, neither were released in the United States. At some point they released the Lumia 710 in the United States, and it sold pretty well, but it was on the smallest of the big carriers: T-Mobile. Now, Nokia has added the Lumia 900 to AT&T and it is supposedly selling pretty well (I live near a Microsoft Store, and I can honestly say that the store itself has been recently more popular than the Apple Store in the mall, but that mostly has to do with location within the mall; I have also seen a lot of people walking out with new Lumia 900 phones).
Anyway, all of this is to say that you have no idea what you are talking about when you are talking about financial reporting. Two phones are not going to save a company, and at least two bad quarters were expected. Nokia is just now getting back into the swing of things, and people looking for instant success are both naive and represent what is wrong with investors in general these days.
Otherwise, Motorola Mobility going with that "Android" platform is really proving to be a sinking ship, right? Because they've had two bad quarters too.
Learn a thing or two about corporate financial reporting.
Re:Another ridiculous lawsuit (Score:4, Insightful)
It didn't.
Nokia's entire argument in 1 word: Yet.
Whether they are right or not who knows, but their plan to save the company with Windows phones is still in its early phases. Which is a commentary on their poor execution, but it's still a plan in motion. The guy filing the suit is either a moron, or is in trouble with his own investors and is trying to get himself press for looking like he's doing something.
Re:Another ridiculous lawsuit (Score:3, Insightful)
If I was still a Nokia shareholder I would be stupid.
Re:Another ridiculous lawsuit (Score:5, Insightful)
This is the cancer that is killing slashdot....
Not that I like borrowing phraseology from /b/, but it seems to be true. Half of slashdot these days is people yelling 'shill' at each other, and that's because people like those you mention are on here, being paid shills.
Marketers, brand managers, social networking managers, image managers, whatever you want to call them, can and will insert themselves into every aspect of human communication, exploit it for their own short term gain, and ruin it.
Bill Hicks came right out and told them to kill themselves. I would ask that first they look inside and ask themselves if being a professional liar is what they wanted to be when they grew up, you know, a complete scumbag that undermines faith in humanity. Because that's what they are, make no mistake, a drain on society and a waste of human flesh.
And if that doesn't wake them from their behaviour then, well, go watch some Bill Hicks.
Re:Another ridiculous lawsuit (Score:4, Insightful)
I'm ok with fanboy comments. For whatever reasons, people frequently become fans of things they like, and like to talk about these things to other people. Back in the old days, it was Ford fanboys versus Chevy fanboys. Sure, fanboy comments can be annoying when they're dumb, but at least they're honest comments from people who actually like the thing they're defending (even if they're morons :-)
Shills, however, are not the same. These are people who are professional liars, paid to act like a fanboy and talk about (or rather, generate hype or "buzz") something like they're really a satisfied customer, when they're not, they're just a plant. It's totally dishonest and despicable, and steps should be taken to keep these scum out. I like your idea about the new-account cooling off period, though I'm not sure it'll help that much because a professional shill will have the patience to wait out that cooling off period and then start making posts.
The dropping of ACs, however, can be problematic. Many people make use of AC posting when they want to write something that could get them in trouble if it were linked to their real identity, and even though we use handles here, you can figure out a lot about people from their posting history and quite possibly figure out their real identity (and some people make no attempt to hide it and actually post their homepage). Being able to post sensitive stuff as AC helps keep it anonymous and lets such people speak their mind without much fear of their employer or whoever finding out. This would be a bad thing to lose, though on the other hand it would be nice to get rid of the many full-time ACs who just post trollish and assholish comments. However, I don't think this would help much with the shills; they seem to actually go to the trouble usually of getting a real account, so that they can appear more legitimate.