According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- Ericsson overstated the extent to which it had reformed its business practices to eliminate the use of bribes to secure business in foreign countries;
- Ericsson had paid bribes to the terrorist group the Islamic State in Iraq and Syria (“ISIS” or the “Islamic State”) to gain access to certain transport routes in Iraq;
- accordingly, the Company’s revenues derived from its operations in Iraq were, in at least substantial part, derived from unlawful conduct and thus unsustainable; and
- as a result, the Company’s public statements were materially false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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