LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of Telefonaktiebolaget LM Ericsson (“Ericsson” or the “Company”) (NASDAQ: ERIC) between April 8, 2013 and June 17, 2017, inclusive (the “Class Period”). Ericsson investors have until June 5, 2018 to file a lead plaintiff motion.
To obtain information and actively participate in the class action, please visit: www.glancylaw.com/case/ericsson-telefonaktiebolaget-lm.
Investors that suffered losses on their Ericsson investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com.
According to the Complaint, the Company issued false and/or misleading statements and/or failed to disclose that: 1) Ericsson prematurely recognized revenues and improperly delayed the recognition of costs related to services contracts; and (2) as a result, Ericsson materially overstated its revenues, margins, and profits during the Class Period.
On July 18, 2017, 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.
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If you purchased shares of Ericsson during the Class Period you may move the Court no later than June 5, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you 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 shareholders@glancylaw.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.
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