NEW YORK, May 31, 2013 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds Autoliv, Inc. ("Autoliv" or the "Company") (NYSE:ALV) investors of the June 17, 2013 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain executives.
A complaint has been filed on behalf of all persons who purchased or otherwise acquired Autoliv common stock between October 26, 2010 and August 1, 2011 (the "Class Period"). The action alleges that 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 firstname.lastname@example.org or email@example.com. 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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CONTACT: FARUQI & FARUQI, LLP 369 Lexington Avenue, 10th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. firstname.lastname@example.org Francis McConville, Esq. email@example.com Telephone: (877) 247-4292 or (212) 983-9330Source:Faruqi & Faruqi LLP