NEW ORLEANS, April 15, 2022 — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 2, 2022 to file lead plaintiff applications in a securities class action lawsuit against Telefonaktiebolaget LM Ericsson (“Ericsson” or the “Company”) (NasdaqGS: ERIC), if they purchased the Company’s securities between April 27, 2017 and February 25, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of New York.
What You May Do
If you purchased securities of Ericsson and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-eric/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 2, 2022.
About the Lawsuit
Ericsson and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 16, 2022, the Company disclosed “serious breaches of compliance rules” involving dealings in Iraq dating back to 2018 including payments made “for road transport through areas controlled by terrorist organisations, including IS.” Then, on February 27, 2022, the International Consortium of Investigative Journalists (“ICIJ”) reported on the Company’s alleged dealings with ISIS in Iraq, originating from an internal report by the Company that revealed it had reportedly made “tens of millions of dollars in suspicious payments” over nearly a decade to maintain business in the country and that “a spreadsheet lists company probes into possible bribery, money laundering and embezzlement by employees in Angola, Azerbaijan, Bahrain, Brazil, China, Croatia, Libya, Morocco, the United States and South Africa[,]” which “have not been previously disclosed.”
On this news, the price of Ericsson’s ADS fell $0.84 per ADS, or 8.3%, from its closing price on February 25, 2022, to close at $9.28 per ADS on February 28, 2022, the next trading day.
The case is Nyy v. Telefonaktiebolaget Lm Ericsson, et al., 22-cv-01167.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
SOURCE Kahn Swick & Foti, LLC