A lawsuit filed by Coughlin Stoia Geller Rudman & Robbins, in the U. S. District Court for the Southern District of New York, alleges that the mobile phone giant, Nokia, committed securities fraud by concealing information about production delays and price cuts, in 2008.

It also alleges that Nokia didn't disclose that it had sharply cut its average selling prices in order to maintain market share.

"In early 2008, defendants became aware that Nokia was likely to experience production-related delays associated with its mid-price range cellular phones, including certain of its smart phones", the lawsuit alleges.

"Defendants hid this fact from investors and instead highlighted the company's expected launch of several new phones," it added.

The lawsuit accuses President and CEO, Olli-Pekka Kallasvuo, of being a defendant, along with Richard Simonson, the former Finance Chief and present Executive Vice President of mobile phones and devices, and Kai Oistamo, Executive Vice-President of devices.

Between January and September 2008, Nokia allegedly failed to disclose manufacturing and supply shortage problems. The complaint was filed on behalf of the City of Roseville Employees' Retirement System and others who bought shares between January 24th and September 5th, 2008.