A class action accusing Nokia of misrepresenting the benefits of adopting the Windows Phone platform to shareholders has been dropped.

The US District Court for the Southern District of New York said the plaintiffs have agreed to dismiss the case without any compensation being paid. The case has been withdrawn and dismissed with prejudice by the court.

The lawsuit filed by Robert Chmielinski in May said Nokia “engaged in a scheme to deceive the market” by telling shareholders that the switch to Windows Phone would reverse its fortunes in the smartphone sector.

The suit took Nokia’s earnings loss in the first quarter of 2012 as evidence that the move to Windows Phone had failed. It also claimed that Nokia mismanaged the launch of the Windows Phone-powered Lumia 900 smartphone.

When the class action was first filed, Nokia said it believed the claims were “without merit”.