LOS ANGELES -- (Business Wire)
Prongay & Murray LLP (“GPM”) announces that a class action
lawsuit has been filed on behalf of investors that purchased or
otherwise acquired securities of Telefonaktiebolaget LM Ericsson
(“Ericsson” or the “Company”) (NASDAQ: ERIC)
between April 8, 2013 and June 17, 2017, inclusive (the
“Class Period”). Ericsson investors have until June 5, 2018 to
file a lead plaintiff motion.
To obtain information and actively participate in the class action,
please visit: www.glancylaw.com/case/ericsson-telefonaktiebolaget-lm.
Investors that suffered losses on their Ericsson investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
According to the Complaint, the Company issued 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, 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. During the related earnings call, the
Company revealed that it had identified 42 long-term service contracts
to date with total annual sales of almost $1 billion that Ericsson would
exit, renegotiate, or transform. On this news, Ericsson ADS price fell
$1.21 per share, or 16.62%, to close at $6.07 per share on July 18, 2017.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of Ericsson during the Class Period you may move
the Court no later than June 5, 2018 to ask the Court to
appoint you as lead plaintiff. To be a member of the Class you need not
take any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century
Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150,
Toll-Free at 888-773-9224, by email to email@example.com,
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180416006335/en/
Glancy Prongay & Murray LLP, Los Angeles
310-201-9150 or 888-773-9224
Source: Glancy Prongay & Murray LLP
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