NEW YORK, April 17, 2018 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Telefonaktiebolaget LM Ericsson ("Ericsson") (NASDAQ:ERIC) between April 8, 2013 and July 17, 2017. You are hereby notified that a securities class action lawsuit has been commenced in the United States District Court for the Southern District of New York. To get more information go to:
http://www.zlk.com/pslra-d/telefonaktiebolaget-lm-ericsson?wire=3
or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that throughout the class period Defendants issued materially 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 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.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com