CONSHOHOCKEN, Pa.–LAWFUEL – The Legal Newswire – Goldman Scarlato & Karon, P.C., a law firm with offices in Pennsylvania and Ohio, announces that a lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired publicly traded securities of Ericsson LM Telephone Co. (“Ericsson” of the “Company”)(NASDAQ:ERIC) between February 2, 2007 and November 20, 2007, inclusive, (the “Class Period”). The lawsuit was filed against Ericsson and certain officers and directors (“Defendants”).
If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at [email protected] and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than December 29, 2007 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. However, if you choose to remain an absent class member, unless and until a class is certified, you are not represented by counsel.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges that Defendants disseminated false and misleading statements regarding demand for the Company’s mobile network equipment. When Defendants belatedly conceded that demand for its products was far weaker than disclosed, shares of ERIC reacted negatively to the news. Ericsson’s ADS shares, traded on NASDAQ, which had traded as high as $43.41 during the class period, fell to a three year low of $23.00 per share following its announcement that demand for its products had in fact fallen.
If you bought Ericsson securities between February 2, 2007 and November 20, 2007, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (888) 753-2796 to speak with an advisor.