US District Judge Andrew Carter dismissed the case with prejudice which means it cannot be litigated again, Reuters reported.
He said the main plaintiff, Clyde Waite, had not been able to show that Nokia had made any false or misleading statements.
The Finnish firm has not made any statement about the outcome in a Manhattan courtroom as yet.
Lucent was the last end-to-end telecommunications firm in the US and its purchase by France-based Alcatel put paid to any American hopes of playing a role in the 5G market.
In October 2019, Nokia reported that profits would be lower and suspended a dividend, saying it needed to spend more to gain 5G market share.
The price of the firm's American depositary receipts fell by about 6% after the March revelation and a further 24% after the statement made in October.
The 5G market is dominated by China's Huawei, Sweden's Ericsson, Nokia and China's ZTE, with the first three companies holding most of the market.