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ERIC

Ericsson

$9.24

0.1 (1.09%)

18:18
12/06/19
12/06
18:18
12/06/19
18:18

Ericsson to pay over $1B to settle FCPA case

Ericsson has agreed to pay total penalties of more than $1B to resolve the government's investigation into violations of the Foreign Corrupt Practices Act arising out of the company's scheme to make and improperly record tens of millions of dollars in improper payments around the world. This includes a criminal penalty of over $520M and approximately $540M to be paid to the U.S. Securities and Exchange Commission in a related matter. An Ericsson subsidiary pleaded guilty today for its role in the scheme. Ericsson entered into a deferred prosecution agreement with the department in connection with a criminal information filed today in the Southern District of New York charging the company with conspiracies to violate the anti-bribery, books and records, and internal controls provisions of the FCPA. The Ericsson subsidiary, Ericsson Egypt Ltd, pleaded guilty today in the Southern District of New York to a one-count criminal information charging it with conspiracy to violate the anti-bribery provisions of the FCPA. The case is assigned to U.S. District Judge Alison J. Nathan of the Southern District of New York. Pursuant to its agreement with the department, Ericsson has committed to pay a total criminal penalty of $520,650,432 within 10 business days of the sentencing hearing, and has agreed to the imposition of an independent compliance monitor.

  • 09

    Dec

ERIC Ericsson
$9.24

0.1 (1.09%)

09/20/19
DZBN
09/20/19
UPGRADE
DZBN
Buy
Ericsson upgraded to Buy from Hold at DZ Bank
10/01/19
ADAM
10/01/19
UPGRADE
ADAM
Buy
Ericsson upgraded to Buy from Hold at Canaccord
Canaccord Genuity analyst Michael Walkley upgraded Ericsson to Buy from Hold and raised his price target for the shares to $10.50 from $9.50. Since the Q2 earnings report, Ericsson has announced deals with Nex-Tech, RINA, and KDDI, demonstrating continuing 5G momentum, Walkley tells investors in a research note. Further, he believes the company's Department and Justice/Securities Exchange Commission settlement provision in Q3 "represents a resolution to an overhang versus an ongoing issue." The analyst cites valuation for the upgrade to Buy after he introduced a 2021 non-IFRS earnings per share estimate of 66c.
10/01/19
10/01/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Ericsson (ERIC) upgraded to Buy from Hold at Canaccord with analyst Michael Walkley saying since the Q2 earnings report, Ericsson has announced deals with Nex-Tech, RINA, and KDDI, demonstrating continuing 5G momentum. 2. VMware (VMW) upgraded to Outperform from Market Perform at Wells Fargo with analyst Philip Winslow saying investors have been concerned that growing interest in deploying containerized applications into Kubernetes-centric environments will eventually reduce customer demand for VMware's virtualization-centric product portfolio. 3. Tradeweb Markets (TW) upgraded to Overweight from Equal Weight at Barclays with analyst Jeremy Campbell saying recent weakness in the shares "seems largely technical," which presents an "attractive upside opportunity." 4. Scotts Miracle-Gro (SMG) upgraded to Neutral from Underperform at BofA/Merrill with analyst Christopher Carey saying the bar on the company's earnings consensus may be "too low." 5. Philip Morris (PM) upgraded to Buy from Neutral at BofA/Merrill with analyst Lisa Lewandowski citing the suspended merger discussions with Altria (MO) amid the heightened risk for U.S. vaping category following reports of lung health concerns. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/18/19
NWST
10/18/19
INITIATION
NWST
Neutral
Ericsson initiated with a Neutral at New Street
New Street analyst a a initiated coverage of Ericsson with a Neutral rating and 95 kronor price target.

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