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04.03.2022 09:31
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HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Investigating Telefonaktiebolaget LM Ericsson (ERIC) For Possible Securities Law Violations, Investors With Significant Losses Encouraged to Contact Firm
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PR Newswire
SAN FRANCISCO, March 4, 2022
SAN FRANCISCO, March 4, 2022 /PRNewswire/ -- Hagens Berman urges Ericsson (NASDAQ: ERIC) investors who suffered significant losses to submit your losses now.
Ericsson (NASDAQ: ERIC) Investigation:
The investigation focuses on Ericsson's statements about the company's business in Iraq and its compliance with a Dec. 2019 deferred prosecution ("DPA") agreement with the DOJ concerning alleged Foreign Corrupt Practices Act violations.
On Feb. 15, 2022, Ericsson revealed unusual expense claims in Iraq, dating back to 2018, that had triggered a review that uncovered potential violations of the company's Code of Business Ethics.
On Feb. 16, 2022, Ericsson's CEO reportedly advised that payments dating back to 2018 may have been made to purchase transportation routes controlled by ISIS.
Then on Feb. 27, 2022, the International Consortium of Investigative Journalists published an expose revealing: (1) Ericsson sought permission from ISIS to work in an ISIS-controlled city and paid to smuggle equipment into ISIS areas on a route known as the 'Speedway;'" (2) Ericsson "made tens of millions of dollars in suspicious payments over nearly a decade to sustain its business in Iraq, financing slush funds, trips abroad for defense officials and payoffs through middlemen to corporate executives and possibly terrorists;" and (3) "[t]he internal investigation describes a pattern of bribery and corruption so widespread, and company oversight so weak, that millions of dollars in payments couldn't be accounted for."
Finally, on Mar. 2, 2022, Ericsson announced that the DOJ notified the company that it breached the DPA, and its pre-DPA disclosures about Ericsson's business in Iraq "were insufficient"
Ericsson's shares have lost one-third of their value since these revelations emerged.
"We're focused on investors' losses and whether Ericsson lied about its compliance with the DPA by doing business with ISIS," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Ericsson and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Ericsson should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ERIC@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP
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