Updated: October 23, 2018
Status: Ongoing Case
Labaton Sucharow represents Greater Pennsylvania Carpenters’ Pension Fund as class counsel in this securities class action lawsuit against Telefonaktiebolaget LM Ericsson, and certain of its senior executives. The action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder, on behalf of all persons or entities who purchased or otherwise acquired Ericsson American Depositary Shares ("ADSs") between April 24, 2013 and July 17, 2017, inclusive. With lead counsel, Labaton Sucharow drafted the amended complaint which was filed on October 23, 2018.
Ericsson provides computer networking hardware, software, and related services to telecommunications companies around the world. Services provided by the company include systems integration, network rollouts, and consulting projects that are often structured as multiyear contracts. The amended complaint alleges that defendants engaged in a scheme to prematurely recognize revenue and delay the recognition of costs with respect to these contracts. This scheme resulted in the company making a multi-billion dollar write-down.
The case is Oklahoma Law Enforcement Retirement System et al. v. Telefonaktiebolaget LM Ericsson et al, No. 18-cv-03021 (S.D.N.Y.). The lead plaintiff is Oklahoma Law Enforcement Retirement System.