Autoliv shareholder alert: briscoe law and powers taylor investigate
possible breaches of fiduciary duty by officers and directors
Dallas--(business wire)--former united states securities and exchange commission attorney willie briscoe, founder of the briscoe law firm, pllc, and the securities litigation firm of powers taylor, llp announce that a federal class action lawsuit has been filed in the southern district of new york against autoliv, inc. (“autoliv” or “company”) (nyse: alv) and several of its officers and directors for their actions during the period of october 26, 2010 to august 1, 2011 (the “class period”). based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and board of directors of autoliv. if you are an affected autoliv shareholder and you want to learn more about the lawsuit or join the action, contact willie briscoe at the briscoe law firm, pllc, (214) 706-9314, or via email at wbriscoe@thebriscoelawfirm.com, or zach groover at powers taylor, llp, toll free (877) 728-9607, via e-mail at zach@powerstaylor.com. there is no cost or fee to you. in a recently filed complaint, the defendants are alleged to have violated certain provisions of the securities exchange act of 1934. specifically, the complaint alleges that defendants misrepresented and/or failed to disclose that, among other things: (1) company colluded with other automotive supply companies to engage in wrongful antitrust practices; (2) company’s known, but undisclosed, anti-competitive practices had artificially inflated its reported gross margins and earnings for 2009 and 2010 and for the first interim period of fiscal 2011; (3) company’s known, but undisclosed, antitrust practices subject the company to material undisclosed risks that are of particular significance that would adversely affect its future revenues and growth prospects; (4) company violated accounting standards associated with disclosure and accounting for gross margins, earnings and loss contingencies; (5) company’s financial statements were not fairly presented in conformity with gaap and were materially false and misleading; (6) certificates issued by defendants carlson and wallin associated with the company’s internal and disclosure controls were materially false and misleading; and (7) as a result, defendants lacked a reasonable basis for their positive statements about the company, its current business and future financial prospects. “the allegedly improper business practices conducted by autoliv have prompted our firms to investigate additional claims against the company’s officers and directors, including potential breaches of fiduciary duties and other violations of state law. based on our investigation, we are prepared to pursue litigation to preserve the company and the value of autoliv stock for all shareholders,” said shareholder rights attorney patrick powers. the briscoe law firm, pllc is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters. powers taylor, llp is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
