On 8 February 2012, Nokia announced 4,000 layoffs at smartphone manufacturing plants in Europe by the end of 2012, to move assembly closer to component suppliers in Asia.[29] On 14 June 2012, Nokia announced 10,000 layoffs globally by the end of 2013[30] and that it would shut production and research sites in Finland, Germany, and Canada, in line with continuing losses and the stock price falling to its lowest point since 1996.[31] In total, Nokia laid off 24,500 employees by the end of 2013.[32] On 18 June 2012, Moody's downgraded Nokia's bond rating to junk status.[33] Nokia's CEO admitted that the company's inability to foresee rapid changes in the mobile phone industry was one of the major reasons for the problems.[34] On 4 May 2012, a group of Nokia investors filed a class action against the company, as a result of disappointing sales.[35] On 22 August 2012, it was reported that a group of Finnish Nokia investors were considering gathering signatures for the removal of Elop as CEO.[36] In December 2012, to cut costs during a period of falling revenues, Nokia announced that it would be selling its headquarters, Nokia House, for €170 million, and leasing the use of it back long-term.[37]