A Nokia shareholder has filed a class-action lawsuit against the struggling mobile firm in California, claiming that its promise to turn around its declining market share constitutes fraud. However, it’s unclear how this one ever made it to the courts: Apparently, the shareholder expected Nokia to turn around a years-long market-share erosion in just months.
“Nokia [executives] ... told investors that Nokia’s conversion to a Windows [Phone] platform would halt its deteriorating position in the smartphone market,” the suit alleges. “It did not.”
And how much time did this disgruntled shareholder give Nokia to perform this magical turnaround? Exactly six months. Nokia released its first Windows Phone handset in October 2011, and the shareholder filed suit when Nokia revealed in April 2012 that “its first quarter  performance would be worse than expected.”
Apparently he expected immediate results.
The suit is even more ridiculous than that, however. It also claims that Nokia executives committed fraud by “misleading” shareholders and the public. I presume that the underlying complaint is that these executives must have known that the company’s years-long decline wouldn’t have been turned around in under six months. But by not specifying a time period for the turnaround, and then not delivering on a six-month market share reversal, they lied.
Only in America, folks.
"Nokia is reviewing the allegations contained in the complaint and believes that they are without merit,” a Nokia statement reads. “Nokia will defend itself against the complaint." It shouldn’t be difficult.