Law360, New York (October 09, 2009, 3:46 PM ET) -- A federal appeals court has affirmed a district court decision in favor of Ericsson LM Telephone Co., ruling that inaccurate statements made by executives about the telecommunications manufacturer's financial future were not a willful attempt to defraud investors as the plaintiffs in the consolidated class action had argued.
A three-judge panel of the U.S. Court of Appeals for the Second Circuit found that the plaintiffs' contention that remarks made by Ericsson’s CEO Carl-Henric Svanberg during an analysts and investors conference in 2007 were intentionally misleading because...
Ericsson Forecasts Wrong, Not Fraudulent: 2nd Circ.
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