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EU/US: Class action launched against car co after 2011 antitrust raids

 |  May 12, 2013

A class action has been launched against automotive developer Autoliv, headquartered in Sweden, in the wake of raids of company offices by the European Commission. The regulator raided Autoliv’s German subsidiary in 2011, four months after the US Department of Justice initiated its own investigation into the company for allegations of anticompetitive conduct. According to court documents, Autoliv stock prices plummeted in response to news the company had spent $4 million on legal fees for the case as well as a conference in Germany where it was stated proper predictions about the company’s earnings could no longer be accurately predicted due to the antitrust case. Autoliv pleaded guilty to the DOJ in 2012 to allegations of fixing prices of car parts, eventually paying a $14.5 million fine. A notice has been filed to the public that buyers of Autoliv stock during the time of the investigations now have the option to join the class action.

Full Content: Reuters

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