The Latest Breaking News from Ericsson

Sweden's Ericsson, under fire for its handling of a bribery investigation in Iraq, warned on Thursday of a potential fine by US regulators and reported a fall in first-quarter core earnings over its suspension of business in Russia. Last week, investors publicly rebuked Chief Executive Borje Ekholm and the board…

Telecoms equipment maker Nokia is pulling out of the Russian market, its CEO told Reuters, going a step further than rival Ericsson , which said on Monday it was indefinitely suspending its business in the country. Hundreds of foreign companies are cutting ties with Russia following its Feb.

Europe's leading activist investor Cevian AB pressed Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) to amend its articles to give its Class A shareholders the power to convert their shares into Class B shares, Bloomberg reports. Class A shareholders carry ten times Class B's voting power per share, notes Bloomberg. Cevian holds ~5% of Ericsson's Class…

The U.S. Department of Justice admitted that Telefonaktiebolaget L M Ericsson (NASDAQ:ERIC) failed to make adequate disclosures about its operations in Iraq before entering a deferred prosecution agreement in 2019 Bloomberg reports. The DOJ also determined that Ericsson breached the agreement by "failing to make subsequent disclosure" after signing it.  Ericsson's dealings in Iraq came…

Telecoms group’s admission comes days after revelations about alleged bribes given to Islamic State

Citi analyst Andrew Gardiner downgraded Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) to Neutral from Buy, calling the company "uninvestable." The re-rating followed the report of alleged "tens of millions of dollars in suspicious payments" by the telecom company to ISIS over nearly a decade to keep its business in Iraq. Related Content:…

Leak also found the telecoms giant had put its contractors at risk and allowed them to be kidnapped by the militants

Ericsson informed the U.S. Department of Justice (DoJ) about an internal investigation into payments in Iraq when it signed a Deferred Prosecution Agreement (DPA) in 2019 to settle separate corruption probes, sources familiar with the matter said.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) may have made payments to the ISIS terror organization to gain access to specific transport routes in Iraq, Bloomberg reports as per CEO Borje Ekholm’s statement to a newspaper Dagens Industri. Ericsson had identified “unusual expenses dating back to 2018” and was yet to determine the final recipient of…