Ericsson Stock Surges After $220 Million Provision For Potential DPA Breach Resolution With DOJ

Dow Jones2023-01-12

The U.S.-listed shares of Ericsson (ERIC-B.SK) surged 6.3% toward a one-month high in premarket trading Thursday, after the Sweden-based communications services company said it will record a SEK2.3 billion ($220 million) charge for a potential resolution with the U.S. Department of Justice regarding alleged breaches under its 2019 Deferred Prosecution Agreement $(DPA.UK)$.

The company said it believes the charge, which will be booked in fourth-quarter results, is a "sufficiently reliable estimate" of the penalty associated with any breach resolution.

Ericsson said it has not yet reached a resolution with the DOJ, and discussions remain open and ongoing. The company agreed in December to extend its independent compliance monitorship through June 2024.

The company had entered into the DPA to resolve violations of the Foreign Corrupt Practices Act prior to 2017. The stock has slipped 0.3% over the past three months through Wednesday, while the S&P 500 has rallied 11.0%.

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Comments

vic78
2023-01-13
vic78
👍👍
Andy Fong
2023-01-12
Andy Fong
Ok
MrHuattt
2023-01-12
MrHuattt
Ok
- MrHuattt:
  suee
plasticbag
2023-01-12
plasticbag
Ok
- plasticbag:
  ok

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