The Shareholders Foundation announces a deadline is coming up on December 3, 2014 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Autoliv Inc (NYSE: ALV) between October 26, 2010 and July 21, 2011.
Investors who purchaseda significant amount of shares of Autoliv Inc (NYSE: ALV) between October 26, 2010 and July 21, 2011, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Autoliv Inc (NYSE: ALV) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/autoliv-inc-nyse-alv-investor-securities-class-action-lawsuit-04172013
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is December 3, 2014. The class action administrator for this case is Epiq Systems, Inc.
The lawsuit was originally filed in in the U.S. District Court for the Southern District of New York against Autoliv Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 26, 2010 and August 1, 2011. According to the complaint the plaintiff alleges on behalf of purchasers of Autoliv Inc (NYSE: ALV) common stock during the period between October 26, 2010 and August 1, 2011, that Autoliv Inc and certain of its officers and directors violated the Securities Exchange Act of 1934.
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 Autoliv Inc’s executives.
The plaintiff further alleges that by February 2011, the United States Department of Justice (“DOJ”) had begun investigating Autoliv Inc’s anti-competitive practices and potential antitrust violations. On June 6, 2012, the DOJ announced that Autoliv Inc 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 Inc 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 Inc (NYSE: ALV) lowered its fourth quarter 2012 financial guidance. Shares of Autoliv Inc (NYSE: ALV) declined from $63.62 per share on October 22, 2012, to as low as $56.41 per share on October 25, 2012.
On January 31, 2013, Autoliv Inc reported its financial results. Autoliv Inc reported that its annual Total Revenue increased slightly from over $8.23 billion in 2011 to $8.26 billion in 2012 while its Net Income decreased from $623.40 million in 2011 to $483.10 million in 2012. Shares of Autoliv Inc (NYSE: ALV) closed on April 19, 2013 at $67.00 per share.
Those who purchased shares of Autoliv Inc (NYSE: ALV) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego