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Why Ericsson Stock Tanked 14% Today

Nicholas Rossolillo, The Motley Fool
·2 min read
Why Ericsson Stock Tanked 14% Today
In this article:
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  • ERIC

Shares of Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC), or simply Ericsson, were down 14% today as of 12:25 p.m. ET. The Swedish networking and telecom equipment company said it may have inadvertently funded the Islamic State (ISIS) in Iraq in 2019. This announcement comes about a week after Ericsson said it had received inquiries from media outlets regarding its sales in Iraq, and that it would be reviewing a previous internal investigation it conducted in 2019 and would compare findings with that presented to it from external sources.

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