A US judge dismissed a lawsuit accusing Nokia of misleading shareholders on difficulties integrating Alcatel-Lucent assets into its business and its progress with 5G, Reuters reported.
The news website noted the proposed class action lawsuit had been thrown out because the accusers failed to identify any statements which could be deemed false or misleading when they were made.
In his conclusion, the judge added Nokia had made “continuous disclosures” on both issues.
The case was filed in March 2019 when Nokia was still under the leadership of former CEO Rajeev Suri. It surrounded issues in the wake of Nokia’s attempts to integrate Alcatel-Lucent into its business following its acquisition in 2016 [1].
It also included wider claims about misleading statements on the vendor’s position in the fledgling 5G ecosystem.
Following the big-money Alcatel-Lucent buy, Nokia has made a number of redundancies [2] to streamline the business. Since its change of CEO in 2020 [3], the vendor stepped-up attempts to catch-up on 5G and began to undertake a radical overhaul of its business.
Nokia’s focus on the integration of Alcatel-Lucent while others were pumping R&D into 5G has been cited by the company’s new CEO Pekka Lundmark [4] as one of several root causes of the vendor being behind rivals on the new network technology.
Following the decision, the case cannot be refiled in its current form.
[1] https://www.mobileworldlive.com/featured-content/top-three/nokia-completes-alca-lu-buy
[2] https://www.mobileworldlive.com/featured-content/home-banner/nokia-slashes-alcatel-lucent-jobs
[3] https://www.mobileworldlive.com/featured-content/home-banner/nokia-ceo-suri-to-step-down
[4] https://www.mobileworldlive.com/blog/blog-pekka-pulls-no-punches-on-nokia-progress
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