Law Offices of Howard G. Smith announces an investigation on behalf of Telefonaktiebolaget LM Ericsson (“Ericsson” or the “Company”) (NASDAQ: ERIC) investors concerning the Company’s possible violations of federal securities laws.
On February 15, 2022, Ericsson disclosed results of an internal investigation that detailed suspect payments made to use alternate transport routes in connection with circumventing Iraqi Customs, at a time when militant organizations, including ISIS, controlled some routes. The Company found “violations of Ericsson’s internal financial controls; conflicts of interest; non-compliance with tax laws; and obstruction of the investigation.” Though the investigation closed in 2019, the Company reportedly “did not find it material enough to disclose the findings” but “revisited its stance after enquiries about the probe from media outlets.”
On this news, Ericsson’s stock fell $1.45, or 11.6%, to close at $11.01 per share on February 16, 2022, thereby injuring investors.
If you purchased Ericsson securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220217005276/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
