San Diego, CA -- (SBWIRE) -- 03/18/2022 -- An investor, who purchased shares of Telefonaktiebolaget LM Ericsson (publ) (OTC: ERIXF), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Telefonaktiebolaget LM Ericsson.

Investors who purchased shares of Telefonaktiebolaget LM Ericsson (publ) (OTC: ERIXF) have certain options and for certain investors are short and strict deadlines running. Deadline: May 2, 2022. OTC: ERIXF investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Sweden based Telefonaktiebolaget LM Ericsson (publ), together with its subsidiaries, provides communication infrastructure, services, and software solutions to the telecom and other sectors. Telefonaktiebolaget LM Ericsson reported that ist annual Total Revenue declined from over $232.39 billion in 2020 to over $232.31 billion in 2021, and that its Net Income increased from over $17.48 billion in 2020 to $22.69 billion in 2021.

Telefonaktiebolaget LM Ericsson disclosed on February 16, 2022, that an internal investigation identified payments in Iraq to facilitate alternate routes to avoid Iraqi Customs. Some of these routes were controlled by insurgent groups including the Islamic State. Telefonaktiebolaget LM Ericsson claimed that it could not pinpoint if any employees were involved in directly funding such organizations, but several employees did leave the Company based on the results of the investigation.

Shares of Telefonaktiebolaget LM Ericsson (publ) (OTC: ERIXF) declined from $12.66 per share on February 14, 2022 to as low as $9.23 per share on February 24, 2022.

The plaintiff claims that between April 27, 2017 and February 25, 2022, the defendants made false and/or misleading statements and/or failed to disclose that Telefonaktiebolaget LM Ericsson overstated the extent to which it had reformed its business practices to eliminate the use of bribes to secure business in foreign countries, that Telefonaktiebolaget LM 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, that 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 that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Telefonaktiebolaget LM Ericsson (publ) (OTC: ERIXF) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
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