Lawsuit filed for Investors in shares of Telefonaktiebolaget LM Ericsson (publ) (OTC: ERIXF)

An investor, who purchased shares of Telefonaktiebolaget LM Ericsson (publ) (OTC: ERIXF), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Telefonaktiebolaget LM Ericsson in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Telefonaktiebolaget LM Ericsson (publ) (OTC: ERIXF), have certain options and for certain investors are short and strict deadlines running. Deadline: May 2, 2022. OTC: ERIXF investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Sweden based Telefonaktiebolaget LM Ericsson (publ), together with its subsidiaries, provides communication infrastructure, services, and software solutions to the telecom and other sectors.

Telefonaktiebolaget LM Ericsson disclosed on February 16, 2022, that an internal investigation identified payments in Iraq to facilitate alternate routes to avoid Iraqi Customs. Some of these routes were controlled by insurgent groups including the Islamic State. Telefonaktiebolaget LM Ericsson claimed that it could not pinpoint if any employees were involved in directly funding such organizations, but several employees did leave the Company based on the results of the investigation.

Shares of Telefonaktiebolaget LM Ericsson (publ) (OTC: ERIXF) declined from $12.66 per share on February 14, 2022 to as low as $9.23 per share on February 24, 2022.

The plaintiff claims that between April 27, 2017 and February 25, 2022, the defendants made false and/or misleading statements and/or failed to disclose that Telefonaktiebolaget LM Ericsson overstated the extent to which it had reformed its business practices to eliminate the use of bribes to secure business in foreign countries, that Telefonaktiebolaget LM Ericsson had paid bribes to the terrorist group the Islamic State in Iraq and Syria ("ISIS" or the "Islamic State") to gain access to certain transport routes in Iraq, that 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 that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Telefonaktiebolaget LM Ericsson (publ) (OTC: ERIXF) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.