Ericsson- Telefonaktiebolaget LM
|Company Name||Ericsson- Telefonaktiebolaget LM|
The investigation concerns whether Ericsson misled investors regarding the viability of certain long term service contracts that accounted for annual revenues of over $1 billion. The truth was partially revealed on July 18, 2017, when Ericsson reported disappointing results for the second quarter ended June 30, 2017. During the related earnings call, the Company revealed that it had identified 42 long-term service contracts to date with total annual sales of almost $1 billion that Ericsson would exit, renegotiate, or transform. On this news, Ericsson ADS price fell $1.21 per share, or 16.62%, to close at $6.07 per share on July 18, 2017.
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