An investigation on behalf of current long term investors in Autoliv Inc. (NYSE:ALV) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:ALV stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 05/08/2013 -- An investigation for investors who currently hold NYSE:ALV shares, was announced concerning whether certain directors and officers of Autoliv Inc. breached their fiduciary duties in connection certain statements made between October 26, 2010 and August 1, 2011 .
Investors who are current long term stockholders in Autoliv Inc. (NYSE:ALV) shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Autoliv Inc. (NYSE:ALV) stocks follows a lawsuit filed earlier against Autoliv Inc. over alleged securities laws violations.
The investigation on behalf of current long term investors in Autoliv Inc. (NYSE:ALV) stocks concerns whether certain Autoliv officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that Autoliv Inc. violated the Securities Exchange Act of 1934 More specifically, 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 the Company’s executives.
The plaintiff 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. 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.
The plaintiff says that 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.
On October 23, 2012, Autoliv Inc. reported its third quarter 2012 financial results. Among other things, Autoliv lowered its fourth quarter 2012 financial guidance.
Shares of Autoliv Inc. declined from $63.62 per share on October 22, 2012, to as low as $56.41 per share on October 25, 2012.
On Jan. 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 May 7, 2013 at $77.34 per share.
Those who are current long term stockholder in Autoliv Inc. (NYSE:ALV) shares have certain options and should contact the Shareholders Foundation
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego