COLCHESTER, Conn.-A law firm, Scott + Scott LLC., said it has extended the class period in a securities class action filed against Nortel Networks Ltd. for the Southern District of New York.
The action challenges Nortel for what the law firm called false and misleading statements about the vendor’s financial results.
Nokia Corp also is defending itself against a lawsuit over its financial forecast for the first quarter of the year. The lawsuit, filed in the U.S. District Court in New York, claims that Nokia made “material misrepresentation,” which triggered a hike in its share prices. The company said Tuesday it expects its handset sales to drop by 2 percent, sending down its stock price and those of other telecom players.
