Telefonaktiebolaget LM Ericsson : American Depository Shares Securities Litigation
On or around 03/16/2020 (Other)
Filing Date: April 05, 2018
Telefonaktiebolaget LM Ericsson ("Ericsson") provides computer networking hardware, software, and related services to telecommunications companies around the world. Services provided by the Company include systems integration, network rollouts, and consulting projects that are often structured as multiyear contracts.
According to the Complaint, during the Class Period, Ericsson claimed that its financial statements were prepared in accordance with International Financial Reporting Standards (“IFRS”). The Complaint alleges that Ericsson violated IFRS by materially overstating service revenues and improperly delaying the recognition of at least $1 billion in expenses on its long-term service projects.
On July 24, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on October 23. Defendants filed a Motion to Dismiss the amended Complaint on December 21. On January 25, 2019, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on March 26. On January 10, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. Plaintiffs advised the Court on February 10 that they did not intend to file an amended Complaint, and on February 12, the Court dismissed the case with prejudice. On March 16, the Court entered Judgment in the Defendants' favor.
Company & Securities Information
Defendant: Telefonaktiebolaget LM Ericsson
Industry: Communications Equipment
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.
First Identified Complaint
Bristol County Retirement System, et al. v. Telefonaktiebolaget LM Ericsson, et al.