Company Website:
http://www.kleinstocklaw.com/
NEW YORK -- (Business Wire)
The Klein Law Firm announces that a class action complaint has been
filed on behalf of shareholders of Telefonaktiebolaget LM Ericsson
(NASDAQ: ERIC) who purchased shares between April
8, 2013 and July 17, 2017. The
action, which was filed in the United States District Court for the
Southern District of New York, alleges that the Company violated federal
securities laws.
In particular, the complaint alleges that throughout the Class Period,
defendants made materially 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.
Shareholders have until June 5, 2018 to petition the court for
lead plaintiff status. Your ability to share in any recovery does not
require that you serve as lead plaintiff. You may choose to be an absent
class member.
If you suffered a loss during the class period and wish to obtain
additional information, please contact Joseph Klein, Esq. by telephone
at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-c/telefonaktiebolaget-lm-ericsson?wire=2.
Joseph Klein, Esq. represents investors and participates in securities
litigations involving financial fraud throughout the nation. Attorney
advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180503006195/en/
Contacts:
The Klein Law Firm
Joseph Klein, Esq., 212-616-4899
Fax:
347-558-9665
www.kleinstocklaw.com
Source: The Klein Law Firm
© 2024 Canjex Publishing Ltd. All rights reserved.