NEW YORK, April 18, 2013 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC announces that a class action suit was filed in the United States District Court for the Southern District of New York on behalf of purchasers of Autoliv, Inc. ("Autoliv" or the "Company") (NYSE: ALV) common stock between October 26, 2010 and August 1, 2011, inclusive (the "Class Period")
The complaint charges Autoliv and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that prior to and during the Class Period, Autoliv was engaged in wrongful anti-competitive business practices with other automotive industry suppliers. The complaint 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. In June 2011, the antitrust authorities of the European Commission (the "EC") raided Autoliv's German subsidiary seeking evidence of Autoliv's anti-competitive misconduct. On July 25, 2011 the Company disclosed in its second quarter earnings conference that the Company had already spent upwards of $4 million on legal fees and could no longer predict what impact the antitrust investigations would have on its previously reported and future gross margins and earnings, the price of Autoliv stock fell, closing below $62 per share on August 2, 2011. Then 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. 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.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. June 17, 2013 is the deadline for investors to seek a lead plaintiff appointment.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein 212-697-6484 firstname.lastname@example.org
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