LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) continues its investigation on behalf of Ericsson- Telefonaktiebolaget LM (“Ericsson” or the “Company”) (NASDAQ: ERIC) investors concerning the Company and its officers’ possible violations of federal securities laws. To obtain information or aid in the investigation, please visit the Ericsson investigation page on our website at www.glancylaw.com/case/ericsson-telefonaktiebolaget-lm.
The investigation concerns whether Ericsson misled investors regarding the viability of certain long term service contracts that accounted for annual revenues of over $1 billion. The truth was partially revealed on July 18, 2017, when Ericsson reported disappointing results for the second quarter ended June 30, 2017. During the related earnings call, the Company revealed that it had identified 42 long-term service contracts to date with total annual sales of almost $1 billion that Ericsson would exit, renegotiate, or transform. On this news, Ericsson ADS price fell $1.21 per share, or 16.62%, to close at $6.07 per share on July 18, 2017.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased Ericsson securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.