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Ericsson says company, officers sued in U.S. over conduct in Iraq -Breaking

by Mike Robinson

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© Reuters. A sign for Ericsson was seen at China International Import Expo, (CIIE), Shanghai China on November 5, 2020. REUTERS/Aly Song

STOCKHOLM – Ericsson, a Swedish telecoms firm (BS:), and “certain (company officers)” were named as defendants in a US class action suit. The lawsuit stemmed from allegedly misleading statements made by Ericsson about its business in Iraq. Ericsson released a statement to this effect on Friday.

Ericsson is the subject of scandal regarding possible payments to Islamic State Iraq. The U.S. Department of Justice stated Wednesday that it had violated a 2019 Deferred Prosecution Agreement (DPA). This agreement required the disclosure of all details of operations in Iraq.

Ericsson made a brief statement stating that “the complaint alleges violations United States securities laws in connection with allegedly misleading statements principally about the Company’s adherence to its compliance, disclosure policies, and obligations and conduct of its business operations in Iraq.”

Ericsson could not be reached immediately for comment.

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