SAN DIEGO–(BUSINESS WIRE)–The class: Law firm in shareholder law Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of individuals and entities who purchased or otherwise acquired securities of Telefonaktiebolaget LM Ericcson (NASDAQ: ERIC) between April 27, 2017 and February 25, 2022, alleging violation of the Securities Exchange Act of 1934. Ericcson, together with its subsidiaries, provides communications infrastructure, services and software solutions to the telecommunications and other industries.
If you would like more information about our investigation into the misconduct of Telefonaktiebolaget LM Ericcson, click here.
What this case is about: Ericcson (ERIC) allegedly paid terrorists to use transport routes in Iraq
According to the complaint, on February 15, 2022, Ericcson issued a press release detailing his work in Iraq and noting “[u]Claims for routine expenses in Iraq, dating back to 2018, sparked a review that found compliance issues over breaches of the company’s code of business ethics. ongoing evaluation of the Company’s remediation plans.
On February 16, 2022, news outlets reported that Ericsson may have made payments to the terrorist organization ISIS for access to certain transportation routes in Iraq. On this news, the price of Ericcson’s ADS fell $1.44 per share, or 11.57%, to close at $11.01 per ADS on February 16, 2022.
Then, on February 27, 2022, the International Consortium of Investigative Journalists published a report on Ericcson’s alleged relationship with the Islamic State in Iraq, revealing that Ericcson allegedly made “tens of millions of dollars in suspicious payments ” over almost a decade to maintain its activity. in the countryside. The report also alleged that “a spreadsheet lists the company’s investigations into possible bribery, money laundering and embezzlement by employees in Angola, Azerbaijan, Bahrain, Brazil, China, Croatia, Libya, Morocco, United States and South Africa.[,]which “has not previously been disclosed”. On this news, Ericcson ADS prices fell $0.84 per ADS, or 8.3%, to close at $9.28 per ADS on the 28th. February 2022.
Next steps: If you acquired shares of Ericcson (ERIC) between April 27, 2017 and February 25, 2022, you have until May 2nd, 2022, to ask the court to name you as the lead plaintiff in the class. A lead plaintiff is a representative party acting on behalf of the other class members to direct the litigation. You don’t have to be in the case to be eligible for a clawback.
All representation is done on a contingent fee basis. Shareholders do not pay any fees or expenses.
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