NEW YORK, April 29, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Autoliv, Inc. ("Autoliv" or the "Company") (NYSE: ALV).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that Autoliv had engaged in unlawful anti-competitive business practices with other automotive industry suppliers designed to manipulate market prices for Autoliv products.
Autoliv's alleged market manipulation may have artificially inflated the Company's stock price and allowed the payment of millions of dollars' worth of salary increases and non-equity incentive awards to the Autoliv executives.
By February 2011, the United States Department of Justice ("DOJ") had begun investigating Autoliv's anti-competitive practices and potential antitrust violations. The antitrust authorities of the European Commission (the "EC") raided Autoliv's German subsidiary June 7-9, 2011, seeking evidence of Autoliv's anti-competitive misconduct. As the market assimilated the news of the EC raid disclosed on July 8, 2011, followed by statements during the Company's July 25, 2011 second quarter earnings conference call that Autoliv had already spent upwards of $4 million on legal fees, the price of Autoliv stock plummeted, closing below $62 per share on August 2, 2011.
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.
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If you invested in Autoliv stock or options between October 26, 2010 and August 1, 2011 and would like to discuss your legal rights, visit www.faruqilaw.com/ALV. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected] or [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Autoliv's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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