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[size=36]Shareholders are suing Ericsson for the losses of its activities in Iraq[/size]
Economy | 12:59 - 05/08/2023
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Baghdad - Mawazine News
The "Dagens Industry" newspaper reported that thirty-seven shareholders in the Swedish telecommunications company Ericsson are suing the company for 1.8 billion Swedish crowns ($170 million), saying that the CEO's disclosure of the company's activities in Iraq caused a decline in shares.
The company and its chief executive, Bourrier Echolm, came under fire last year over their handling of an internal investigation into the company's operations in Iraq and a scandal involving possible payments to the Islamic State group. The newspaper reported that shareholders, including several investment companies and pension funds, have filed separate lawsuits with a Swedish court, but their actions are coordinated.
"Ericsson opposes the allegations in their entirety and intends to vigorously defend itself in this matter, which is unprecedented in Swedish judiciary and runs counter to fundamental principles of Swedish corporate law," the company said, in an emailed statement. The Swedish after-hours court did not respond to a request for comment.
The newspaper stated that the shareholders are asking for compensation for the sharp decline in Ericsson shares since February 16, 2022, after the newspaper published the disclosure of the company's CEO, in an interview about an internal report related to the company's activities in Iraq. The share price has since halved, to 52.71 crowns on Friday.
In May of this year, Nasdaq Stockholm concluded a review of the company's public disclosures in relation to the report. It found that "no conclusion could be reached that the content of the report could reasonably be used by any shareholder as part of his investment decision".
The "Dagens Industry" newspaper reported that thirty-seven shareholders in the Swedish telecommunications company Ericsson are suing the company for 1.8 billion Swedish crowns ($170 million), saying that the CEO's disclosure of the company's activities in Iraq caused a decline in shares.
The company and its chief executive, Bourrier Echolm, came under fire last year over their handling of an internal investigation into the company's operations in Iraq and a scandal involving possible payments to the Islamic State group. The newspaper reported that shareholders, including several investment companies and pension funds, have filed separate lawsuits with a Swedish court, but their actions are coordinated.
"Ericsson opposes the allegations in their entirety and intends to vigorously defend itself in this matter, which is unprecedented in Swedish judiciary and runs counter to fundamental principles of Swedish corporate law," the company said, in an emailed statement. The Swedish after-hours court did not respond to a request for comment.
The newspaper stated that the shareholders are asking for compensation for the sharp decline in Ericsson shares since February 16, 2022, after the newspaper published the disclosure of the company's CEO, in an interview about an internal report related to the company's activities in Iraq. The share price has since halved, to 52.71 crowns on Friday.
In May of this year, Nasdaq Stockholm concluded a review of the company's public disclosures in relation to the report. It found that "no conclusion could be reached that the content of the report could reasonably be used by any shareholder as part of his investment decision".
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