Autoliv Inc (NYSE: ALV) Investor Securities Class Action Lawsuit 04/17/2013

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Company Name(s): 
Autoliv
Case Name: 
Autoliv Shareholder Class Action Lawsuit 04/17/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: ALV
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/17/2013
Class Period Begin: 
10/26/2010
Class Period End: 
07/21/2011
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
06/17/2013
Date Settled: 
10/29/2014
Settlement Amount: 
$22,500,000
Deadline to Participate in Settlement: 
12/03/2014
Settlement Notice: 
Settlement Proof: 
Summary: 

October 29, 2014 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

August 20, 2014 - The court preliminarily approved the settlement.

August 15, 2014 - Parties filed a stipulation of settlement.

January 27, 2014 - Another defendant filed a motion to dismiss.

December 20, 2013 - The defendants filed a motion to dismiss.

October 21, 2013 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased Autoliv Inc (NYSE: ALV) common shares between October 26, 2010 and July 21, 2011. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 26, 2010 and July 21, 2011.

August 7, 2013 - The lead plaintiffs and lead counsel were appointed.

June 17, 2013 - A lead plaintiff motion was filed.

April 17, 2013 - An investor in shares of Autoliv Inc (NYSE: ALV) filed a lawsuit in the U.S. District Court for the Southern District of New York against Autoliv Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 26, 2010 and August 1, 2011.

According to the complaint the plaintiff alleges on behalf of purchasers of Autoliv Inc (NYSE: ALV) common stock during the period between October 26, 2010 and August 1, 2011, that Autoliv Inc and certain of its officers and directors violated the Securities Exchange Act of 1934.

Autoliv Inc (NYSE: ALV) reported that its annual revenue rose from over $5.12 billion in 2009 to over $8.23 billion in 2011 and its net income increased from $10 million in 2009 to $623.40 million in 2011.

Shares of Autoliv Inc (NYSE: ALV) grew from as low as $12.33 per share in March 2009 to as high as $82.33 in January 2011.

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 Autoliv Inc’s executives.

The plaintiff further alleges that by February 2011, the United States Department of Justice (“DOJ”) had begun investigating Autoliv Inc’s anti-competitive practices and potential antitrust violations. On June 6, 2012, the DOJ announced that Autoliv Inc 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 Inc 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 Inc (NYSE: ALV) lowered its fourth quarter 2012 financial guidance.

Shares of Autoliv Inc (NYSE: ALV) declined from $63.62 per share on October 22, 2012, to as low as $56.41 per share on October 25, 2012.

On January 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 April 19, 2013 at $67.00 per share.