Ericsson Says Nasdaq Stockholm Has Closed Its Review of 2019 Iraq Report Disclosures

By Dominic Chopping

STOCKHOLM--Ericsson said Wednesday that Nasdaq Stockholm has closed its review of the Swedish telecom equipment maker's disclosure of a probe into corruption in Iraq.

Ericsson came under pressure last year after it said an internal investigation had found evidence of historical corruption in Iraq. It was recently fined around $207 million by the U.S. Justice Department for the company's failure to properly disclose the 2019 investigation that left the company unable to determine if certain payments in the country fell into the hands of terror organizations.

Nasdaq Stockholm has been investigating the company's public disclosure obligations concerning the report, but that review has now ended.

Ericsson said that in dismissing the matter, Nasdaq has stated that it "cannot come to the conclusion that the content of the report was such that a reasonable investor would have used such information as part of his/her investment decision."

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

May 24, 2023 04:41 ET (08:41 GMT)

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