Ericsson Defeats Investor Class Action Over Alleged Iraq Bribes

Investors failed to adequately allege material misstatements by Telefonaktiebolaget LM Ericsson about its anti-corruption program and other issues related to alleged bribery in Iraq, a federal court ruled, rejecting their proposed class action.

The investors also didn’t adequately support their allegations of intent, Judge William F. Kuntz II said Wednesday for the US District Court for the Eastern District of New York.

• The development came the same day that Nasdaq Stockholm cleared Ericsson of any violations regarding the Swedish telecom company’s disclosure of a probe into corruption in Iraq
• Ericsson remains under investigation by the US Securities and Exchange Commission ...