The suit, filed in the U.S. District Court for the Southern District of New York by the City of Roseville Employees’ Retirement System against Nokia’s CEO Olli-Pekka Kallasvuo, former CFO Rick Simonson and Nokia’s head of phones Kai Oisamo, alleges that Nokia misled investors between January and September 2008.

It says that, in that period, Nokia gave misleading statements about new product launches and manufacturing problems, about losing market share and about cutting its own prices for products. All of this resulted in the Nokia’s American Depository Shares falling by eight percent, writes BBC News...

Nokia has been quick to put out its own response to the suit, which was filed on February 5: “Nokia has reviewed the allegations contained in the complaint and believes that they are without merit. Nokia intends to defend itself against the complaint vigorously.”

The City of Roseville’s retirement fund is not new to lawsuits against the companies in which it invests. Other suits have included cases against Textron (an aircraft, industrial and services conglomerate) and nuclear energy company EnergySolutions.

Separately, Nokia also announced that it would be laying off 285 employees in Finland as it redevelops one of its smartphone plants, in Salo, to improve production. The plant currently employes 2,200 people.