NEW YORK, — The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Telefonaktiebolaget LM Ericsson (“Ericsson”) (NASDAQ:ERIC) securities between April 8, 2013 and July 17, 2017.
Click here to learn about the case: http://www.wongesq.com/pslra-c/telefonaktiebolaget-lm-ericsson?wire=3. There is no cost or obligation to you.
According to the complaint, throughout the Class Period, the Company issued materially false and 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 of the foregoing, 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 and announced that it had identified 42 contracts to be transformed, exited or renegotiated. On this news, shares of Ericsson fell from a close of $7.28 per share on July 17, 2017, to a close of $6.07 per share on July 18, 2017.
If you suffered a loss in Ericsson you have until June 5, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email [email protected], by telephone at 212.425.1140, or visit http://www.wongesq.com/pslra-c/telefonaktiebolaget-lm-ericsson?wire=3.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.