(ERIC) News: Why did Ericsson Holdings Stock Drop? Contact Johnson Fistel Regarding Investigation
SAN DIEGO, March 1, 2022 (GlobeNewsWire)—
Shareholder rights law firm Johnson Fistel, LLP (www.JohnsonFistel.com) is investigating whether Telefonaktiebolaget LM Ericsson (“Ericsson” or “the Company”) (NASDAQ: ERIC), any of its executive officers, or others violated federal securities laws by misrepresenting or failing to timely disclose material, adverse information to investors.
What actions may I take at this time? If you purchased Ericsson securities and suffered significant losses on your investment, contact Johnson Fistel, LLP to submit your losses:
- Contact Lead Securities Analyst Jim Baker at email@example.com or (619) 814-4471
- Click [here] or paste the following web address into your browser to join the investigation:
- For more information, visit our website at https://www.johnsonfistel.com/faq
There is no cost or obligation to you.
What if I have information relevant to the investigation? Individuals with nonpublic information regarding Ericsson should consider whether to assist our investigation or take advantage of the SEC Whistleblower program. Under the SEC program, whistleblowers who provide original information may, under certain circumstances, receive rewards totaling up to thirty percent of any successful recovery made by the SEC. For more information, contact Jim Baker at (619) 814-4471 or firstname.lastname@example.org.
What is Johnson Fistel investigating? On February 16, 2022, Ericsson disclosed the results of an internal investigation that detailed suspect payments and misconduct in Iraq. The company’s investigation had identified payments made to use alternate transport routes to circumvent Iraqi Customs when militant organizations, including Islamic State, controlled some transport routes. Ericsson said it could not determine if any employee was directly involved in financing such organizations; it noted that as a result of the investigation, several employees had left the company.
Then on March 2, 2022, the US Department of Justice told Ericsson its disclosure about its internal investigation into Iraq was “insufficient” ahead of a 2019 $1bn settlement over corruption. It added that the DoJ decided it had breached its deferred prosecution agreement again — following a first infringement reported in October for unknown causes — by failing to make additional disclosures about Iraq after 2019.
Following this news, the price of Ericsson shares was trading down over 14% in pre-market trading on March 2, 2022.
Disclaimer: At this time, Johnson Fistel has not concluded whether any violations of law may have occurred or whether investors have valid legal claims for recovery of their losses.
About Johnson Fistel, LLP. Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in securities class action and derivative lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
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To join this action, go to: https://www.cognitoforms.com/JohnsonFistel/TelefonaktiebolagetLMEricsson