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Ericsson (NASDAQ:ERIC) shares are trading higher after the company disclosed the conclusion of the work and terms of the independent compliance Monitor appointed by the U.S. Department of Justice (DOJ) in June 2020.
The monitorship is related to Ericsson’s 2019 Deferred Prosecution Agreement (DPA) to resolve historical violations of the Foreign Corrupt Practices Act (FCPA).
The March 2023 Plea Agreement with the DOJ that followed non-criminal breaches of the DPA has also expired as of June 2.
Over the past four years, the independent compliance Monitor has been responsible for comprehensively reviewing, assessing, evaluating, and testing all aspects of the company’s global anti-corruption compliance program and internal controls.
On March 28, 2024, the Monitor notified the DOJ that Ericsson’s anti-corruption compliance program has satisfied requirements and is functioning effectively.
Börje Ekholm, President and CEO of Ericsson, said, “This is an important milestone in our journey to improve our organization. Over the past four years we have implemented important compliance requirements and processes. Our commitment to integrity is rock solid and we have no tolerance for corruption, fraud or other misconduct.”
In April, the company reported sales decline of 15% Y/Y to SEK53.3 billion. In USD, sales of $5.13 billion missed the consensus of $5.34 billion.
Ericsson reported an EPS of SEK 0.77 (+71% Y/Y). In USD, EPS of $0.07 beat the consensus of $0.05.
Related Read: Ericsson Cuts 1,200 Swedish Jobs Due to Falling Orders
Price Action: ERIC shares are up 1.38% at $6.225 at the last check Monday.
Photo by Mats Wiklund via Shutterstock
Posted In: ERIC
