Investors who are current long term stockholders in Autoliv Inc. (NYSE:ALV) shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org (mailto:mail@
The investigation by a law firm concerns whether certain Autoliv Inc. officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by, among other things, failing to implement adequate internal controls.
Autoliv Inc. currently faces a lawsuit filed in the U.S. District Court for the Southern District of New York over alleged securities laws violations. More specifically, the plaintiff alleges that prior to and between October 26, 2010 and August 1, 2011, Autoliv Inc allegedly engaged in wrongful anti-competitive business practices with other automotive industry suppliers.
The plaintiff says that these practices were designed to control the market prices of the products sold by Autoliv Inc and others and as a result, Autoliv Inc reported quarter after quarter of “record” gross margins and earnings during between October 26, 2010 and August 1, 2011, causing artificial inflation in its stock price and seemingly justifying the payment of millions of dollars worth of salary increases and non-equity incentive awards to the Company’s executives.
The plaintiff further alleges that by February 2011, the United States Department of Justice (“DOJ”) had begun investigating Autoliv’s anti-competitive practices and potential antitrust violations. 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.
The plaintiff says that 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.
On October 23, 2012, Autoliv Inc. reported its third quarter 2012 financial results. Among other things, Autoliv lowered its fourth quarter 2012 financial guidance.
On July 22, 2013, NYSE:ALV shares closed at $81.48 per share.
Those who are current long term stockholder in Autoliv Inc. (NYSE:ALV) shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.