The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC) securities between April 8, 2013 and July 17, 2017.
According to the ERIC lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Ericsson prematurely recognized revenues and improperly delayed the recognition of costs related to services contracts; and (2) as a result of the foregoing, Ericsson materially overstated its revenues, margins, and profits during the Class Period. On July 18, 2017, Ericsson reported disappointing results for the second quarter ended June 30, 2017 and announced that it had identified 42 contracts to be transformed, exited or renegotiated. On this news, shares of Ericsson fell from a close of $7.28 per share on July 17, 2017, to a close of $6.07 per share on July 18, 2017.
If you suffered a loss in Telefonaktiebolaget LM Ericsson you have until June 5, 2018 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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