The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Telefonaktiebolaget LM Ericsson (“Ericsson” or the “Company”) (Nasdaq: ERIC) between April 27, 2017 and February 25, 2022, inclusive (the “Class Period”).
If you purchased or otherwise acquired Ericsson securities during the Class Period, you may move the Court for appointment as lead plaintiff in the action by no later than May 2, 2022.
A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Ericsson investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here, or text or email investorinfo@lchb.com, or call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.
Background on the Ericsson Securities Class Litigation
Ericsson, incorporated and headquartered in Sweden, provides communication infrastructure, services, and software solutions. Before the Class Period, Ericsson was fined hundreds of millions of dollars by federal regulators for paying bribes to secure business. Ericsson repeatedly assured investors thereafter that it had a “zero tolerance” stance for bribery and was making significant investments in related programs.
The action alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company overstated the extent that it had reformed its business practices to end the use of bribes to gain business in other countries; (ii) Ericsson had given bribes to the Islamic State in Iraq and Syria (“ISIS”) to get access to certain routes for transport in Iraq; and (iii) for this reason, the Company’s revenues derived from its operations in Iraq were substantially derived from unlawful conduct and were therefore unsustainable.
On February 16, 2022, Ericsson’s Chief Executive Officer told a newspaper in Sweden that the Company may have made payments to ISIS to gain access to certain transport routes in Iraq, disclosing that Ericsson had identified “unusual expenses dating back to 2018” but noting that it had not yet determined the final recipient of the funds, though defendants could “see that it disappeared.” On this news, the price of Ericsson’s American Depositary Shares (“ADS”) dropped $1.44 per share, or 11.57%, from a closing price of $12.45 on February 15, 2022, to close at $11.01 per ADS on February 16, 2022, on extremely heavy trading volume.
On Sunday, February 27, 2022, the International Consortium of Investigative Journalists (“ICIJ”), citing a leaked internal investigation, reported that Ericsson had made “tens of millions of dollars in suspicious payments” over almost a decade in order to maintain its business in Iraq. The ICIJ report further alleged that “a spreadsheet lists company probes into possible bribery, money laundering and embezzlement by employees in Angola, Azerbaijan, Bahrain, Brazil, China, Croatia, Libya, Morocco, the United States and South Africa,” which “have not been previously disclosed.” On this news, the price of Ericsson ADS declined $0.84 per share, or 8.32%, from its previous closing price of $10.12 on February 25, 2022, to close at $9.28 per ADS on the next trading day, February 28, 2022, on heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit https://www.lieffcabraser.com/.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220321005106/en/
#ERICSSON INVESTORS: May 2, 2022 Deadline in #Securities #ClassAction – Contact Lieff Cabraser $ERIC #StockNews
Contacts
Source/Contact for Media Inquiries Only
Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP
Telephone: 1-800-541-7358
