The Law Offices of Frank R. Cruz Announces Investigation of Ericsson (ERIC) on Behalf of Investors
LOS ANGELES, CA (ClassActionDaily) The Law Offices of Frank R. Cruz announces an investigation of Telefonaktiebolaget LM Ericsson (“Ericsson” or the “Company”) (NASDAQ: ERIC) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On February 15, 2022, Ericsson disclosed the results of an internal investigation that detailed suspect payments made to use alternate transport routes in connection with circumventing Iraqi Customs at a time when militant organizations, including ISIS, controlled some routes. As a result, the Company found “violations of Ericsson’s internal financial controls; conflicts of interest; non-compliance with tax laws; and obstruction of the investigation.” Though the investigation closed in 2019, the Company reportedly “did not find it material enough to disclose the findings” but “revisited its stance after inquiries about the probe from media outlets.”
On this news, Ericsson’s stock fell $1.45, or 11.6%, to close at $11.01 per share on February 16, 2022, thereby injuring investors.
If you purchased Ericsson securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email, please include your mailing address, telephone number, and the number of shares purchased.
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The Law Offices of Frank R. Cruz – Los Angeles
Frank R. Cruz – Phone: +1 310-914-5007