Case Page

 

Case Status:    DISMISSED    
On or around 11/05/2009 (Court's order of dismissal)

Filing Date: October 29, 2007

The original complaint charges Ericsson and certain of its officers and directors with violations of the Exchange Act. Ericsson is a Sweden-based company that offers a portfolio of telecommunication and data communication systems and services covering a range of technologies.

According to the complaint, during the Class Period, Defendants issued materially false and misleading statements regarding the Company’s business and financial results. The complaint alleges that Defendants knew or recklessly disregarded that: (i) the Company was experiencing declining sales in its networks due to lower sales of expansions and upgrades of mobile networks; (ii) sales in Western Europe were declining due to operator consolidation in several markets; and (iii) as a result, Defendants lacked a reasonable basis for their positives statements about the Company’s business.

The complaint further alleges that on October 16, 2007, before the market opened, Ericsson issued a release entitled “Lower than expected result for Ericsson in third quarter 2007”. That same day, after these results were issued, Ericsson’s stock collapsed to close at $31.33 per share, a decline of 24%, on volume of 42.7 million shares.

On February 19, 2008, Judge Robert P. Patterson granted an order appointing lead plaintiff and its selection of lead counsel. Furthermore, the plaintiff class had until

April 15, 2008 to file an amended complaint. On March 15, 2008, the plaintiff filed a Consolidated Complaint For Violations Of The Securities Exchange Act Of 1934.

On April 21, 2008, an order denying motion to strike the reply brief of an individual was entered.

On June 13, 2008, a motion to dismiss was filed by Telefonaktiebolaget LM Ericsson, Ericsson LM Telephone Co. and several individuals.

On January 09, 2009, a Notice Of Appeal was filed with the United States Court Of Appeals For The Second Circuit.

On October 30, 2009, a mandate of the United States Court of Appeals affirming the judgment of the District Court was issued.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: Sweden

SECURITIES INFORMATION:

Ticker Symbol: ERIC
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 07-CV-09615
JUDGE: Hon. Robert P. Patterson
DATE FILED: 10/29/2007
CLASS PERIOD START: 09/11/2007
CLASS PERIOD END: 10/15/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
  3. Labaton Sucharow & Rudoff LLP
    100 Park Avenue, 12th Floor, Labaton Sucharow & Rudoff LLP, NY 10017
    212.907.0700 212.818.0477 · info@labaton.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 07-CV-09615
JUDGE: Hon. Robert P. Patterson
DATE FILED: 04/15/2008
CLASS PERIOD START: 09/11/2007
CLASS PERIOD END: 10/15/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
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