ERICSSON INVESTOR ALERT: Faruqi & Faruqi Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Ericsson To Contact Him Directly To Discuss Their Options
NEW YORK, Feb. 20, 2022 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Ericsson ADR (“Ericsson” or the “Company”) (NASDAQ: ERIC).
If you suffered losses exceeding $50,000 investing in Ericsson stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/ERIC.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
On February 15, 2022, Ericsson released a statement revealing that unusual expense claims in Iraq, dating back to 2018, had triggered a review that uncovered concerns about compliance with the company’s Code of Business Ethics.
Ericsson’s statement further disclosed that a subsequent investigation of the conduct of Ericsson employees, vendors and suppliers in Iraq during the period 2011-2019, found serious breaches of the Code of Business Ethics and other compliance rules, and identified evidence of corruption-related misconduct, including, making a monetary donation without a clear beneficiary; paying a supplier for work without a defined scope and documentation; using suppliers to make cash payments; funding inappropriate travel and expenses; and improper use of sales agents and consultants.
In addition, the investigation uncovered violations of Ericsson’s internal financial controls; conflicts of interest; non-compliance with tax laws; and obstruction of the investigation. It also identified payments to intermediaries and the use of alternate transport routes in connection with circumventing Iraqi Customs, at a time when terrorist organizations, including ISIS, controlled some transport routes. Payment schemes and cash transactions that potentially created the risk of money laundering were also identified.
On February 16, 2022, it was reported that Ericsson Chief Executive Borje Elkholm advised the Danish newspaper Dagens Industri that payments dating back to 2018 may have been made to purchase transportation routes “through areas that have been controlled by terrorist organizations, including ISIS.”
In reaction to these disclosures, the price of ERIC stock has dropped nearly 15% as of 10:45 AM Eastern on February 16, 2022.
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