From: Reuters
Published November 29, 2007 04:55 AM

Class action suit filed in U.S. against Ericsson

STOCKHOLM (Reuters) - U.S. law firm Labaton Sucharow LLP has filed a class action suit against telecom equipment maker Ericsson <ERICb.ST>, alleging false and misleading statements by the company, according to the lawyers' Web site.

Ericsson, the world's biggest mobile network maker, stunned the market in October with a profit warning, sending its shares down 30 percent, shortly after presentations to investors in September that the market had considered upbeat.

Labaton said the suit was filed on behalf of investors who purchased Ericsson shares between February 2, 2007, and November 20, 2007.

An Ericsson spokesman said that as far as he was aware the firm had not received the suit and he could not comment.

ADVERTISEMENT

Another U.S. law firm, Coughlin Stoia Geller Rudman & Robbins LLP, filed a class action suit against Ericsson after the profit warning.

Ericsson said on November 21 that fourth-quarter revenues would be at the low end of a range the company had announced when it made the initial profit warning. Ericsson shares fell 11 percent on that news.

The Financial Times on November 22 reported that three additional class action suits were being filed, although it did not name any law firms in its article.

(Editing by Will Waterman)

Terms of Use | Privacy Policy

2017©. Copyright Environmental News Network