Lieff Cabraser Announces Class Action Litigation Against Autoliv, Inc.
SAN FRANCISCO--(BUSINESS WIRE)-- The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of all persons who purchased or otherwise acquired the common stock of Autoliv, Inc. ("Autoliv" or the "Company") (NYS: ALV) between October 26, 2010 through August 1, 2011, inclusive (the "Class Period").
If you purchased or otherwise acquired Autoliv common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than June 17, 2013. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Autoliv investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Brendan P. Glackin of Lieff Cabraser toll-free at 1 (800) 541-7358.
Background on the Autoliv Securities Class Litigation
The complaint charges Autoliv and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Autoliv, based in Stockholm, Sweden, develops, markets, and manufactures automotive safety products.
The complaint alleges that prior to and during the Class Period, Autoliv engaged in wrongful anti-competitive business practices with other automotive industry suppliers. These practices were designed to control the market prices of the products sold by Autoliv and others. As a result, Autoliv reported quarter after quarter of "record" gross margins and earnings during the Class Period, causing artificial inflation in its stock price and prompting millions of dollars in salary increases and non-equity incentive awards to the Company's executives.
The complaint alleges that by February 2011, the United States Department of Justice ("DOJ") had begun investigating Autoliv's anti-competitive practices and potential antitrust violations. Between June 7 and June 9, 2011, the antitrust authorities of the European Commission (the "EC") raided Autoliv's German subsidiary Autoliv BV & Co KG, seeking evidence of Autoliv's anti-competitive misconduct. As the market assimilated the news of the EC raid disclosed on July 8, 2011, followed by statements during the Company's July 25, 2011 second quarter earnings conference that the Company could no longer predict what impact the antitrust investigations would have on its previously reported and future gross margins and earnings, the price of Autoliv stock sunk, closing below $62 per share on August 2, 2011.
On June 6, 2012, the DOJ announced that Autoliv had agreed to plead guilty to price fixing of automobile parts installed in U.S. cars and to pay a $14.5 million criminal fine. In so doing, Autoliv admitted to its role in a conspiracy to fix prices of seatbelts, airbags, and steering wheels installed in U.S. cars to one automobile manufacturer and a separate conspiracy to fix prices of seatbelts to another car manufacturer. According to the complaint, these illegal practices existed over an extended time frame and subjected the Company to material undisclosed risks, including monetary and reputational risks.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs' law firms in the United States to receive this honor for the last ten consecutive years.
For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Source/Contact for Media Inquiries Only:
Lieff Cabraser Heimann & Bernstein, LLP
Brendan P. Glackin, 800-541-7358
KEYWORDS: United States North America California
The article Lieff Cabraser Announces Class Action Litigation Against Autoliv, Inc. originally appeared on Fool.com.
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