The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of investors who purchased Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC) securities between April 27, 2017 and February 25, 2022.
According to the Telefonaktiebolaget LM Ericsson lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Ericsson overstated the extent to which it had reformed its business practices to eliminate the use of bribes to secure business in foreign countries; (ii) Ericsson had paid bribes to the terrorist group the Islamic State in Iraq and Syria to gain access to certain transport routes in Iraq; (iii) accordingly, the Company’s revenues derived from its operations in Iraq were, in at least substantial part, derived from unlawful conduct and thus unsustainable; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in Telefonaktiebolaget LM Ericsson you have until May 2, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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