x
Europe

Rumor Dents Ericsson

7:00 AM -- Ericsson AB (Nasdaq: ERIC) saw more than 4 percent wiped off its valuation Friday morning after a rumor circulated that the Swedish company had uncovered some accounting irregularities and an analyst questioned the underlying strength of the company's ongoing business.

Ericsson described speculation that it may have to restate some earnings after uncovering some historical accounting irregularities as "groundless," while Lehman Brothers analyst Stuart Jeffrey cast some doubt on whether the positive first quarter results announced last week were underpinned by strong underlying business trends. (See Ericsson Spreads Q1 Joy.)

Check out this Reuters article for more details.

— Ray Le Maistre, International News Editor, Light Reading

Be the first to post a comment regarding this story.
HOME
Sign In
SEARCH
CLOSE
MORE
CLOSE