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Why Ericsson Was Plunging Today

TheMotleyFool

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Shares of European telecom equipment maker Ericsson (NASDAQ: ERIC) were plunging on Wednesday, down roughly 10% as of this writing.

Ericsson delivered its fourth-quarter earnings report in January, and there wasn't any material operating news out of the company today. However, there was troubling news on another front.

On Wednesday, the U.S. Department of Justice laid some damning allegations, accusing Ericsson of violating terms of a 2019 corruption settlement, with particularly troubling allegations over the company's conduct in Iraq.

Source Fool.com

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