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.