NEW ORLEANS, April 11, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until May 2, 2022 to file lead plaintiff applications in a securities class action lawsuit against Telefonaktiebolaget LM Ericsson (“Ericsson” or the “Company”) (NasdaqGS: ERIC), if they purchased the Company’s securities between April 27, 2017 and February 25, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of New York.
Ericsson investors should visit us at https://claimsfiler.com/cases/nasdaq-eric-2/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Ericsson and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 16, 2022, the Company disclosed “serious breaches of compliance rules” involving dealings in Iraq dating back to 2018 including payments made “for road transport through areas controlled by terrorist organisations, including IS.” Then, on February 27, 2022, the International Consortium of Investigative Journalists (“ICIJ”) reported on the Company’s alleged dealings with ISIS in Iraq, originating from an internal report by the Company that revealed it had reportedly made “tens of millions of dollars in suspicious payments” over nearly a decade to maintain business in the country and 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’s ADS fell $0.84 per ADS, or 8.3%, from its closing price on February 25, 2022, to close at $9.28 per ADS on February 28, 2022, the next trading day.
The case is Nyy v. Telefonaktiebolaget Lm Ericsson, et al., 22-cv-01167.
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