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Nokia defeats US shareholder lawsuit over Alcatel-Lucent integration, 5G progress
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NEW YORK - A U.S. judge has dismissed a lawsuit accusing the Finnish telecommunications company Nokia of defrauding shareholders by concealing problems in integrating the former Alcatel-Lucent and in its readiness to become a leader in 5G technology.
In a decision on Monday night, U.S. District Judge Andrew Carter in Manhattan said Clyde Waite, the plaintiff leading the proposed class action, failed to identify any statements by Nokia that were false or misleading when they were made.
He also said it was not plausible that Nokia’s statements would have misled reasonable investors, given the company’s “numerous and continuous disclosures regarding the Alcatel integration and 5G progress.”
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Carter dismissed the lawsuit with prejudice, meaning it cannot be filed again.
Waite’s lawyers did not immediately respond to requests for comment outside market hours. Lawyers for Nokia and former Chief Executive Rajeev Suri, who was also a defendant, did not immediately respond to similar requests.