NEW YORK--(BUSINESS WIRE)--Zamansky LLC announces that it has commenced an investigation of Xerox Corporation (NYSE:XRX)(“Xerox”) on behalf of its current and former employees over the Xerox Corporation Savings Plan (the “Plan”) for potential violations of the federal Employee Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary duties to prudently manage and invest plan assets. We are investigating whether these duties were violated by the continued offering of the Xerox Company Stock Fund from April 2012 through August 2015 as an investment option for employees under the Plan.
On October 24, 2016, a securities class action lawsuit was filed against Xerox and its CEO and CFO. The lawsuit alleges that Xerox engaged in fraudulent accounting and misled investors about the financial results and performance of its Health Services segment from its Health Enterprise business. Xerox’s Health Enterprise business provides software management solutions to state agencies to administer Medicaid programs. The lawsuit alleges that the misrepresentations were material, and that they artificially inflated Xerox’s stock price before it collapsed in 2015 when the truth came out.
According to employee stock and investment fraud attorney, Jake Zamansky, current or former Xerox employees who purchased and held company stock through the Plan from April 2012 through August 2015 may have had their retirement savings damaged. The allegations about Xerox’s accounting fraud raise serious issues whether the Plan’s fiduciaries properly executed their duties under ERISA, he states. ERISA is designed to protect employees’ retirement savings from imprudent and inappropriate investments, Zamansky states.
What Current and Former Xerox Employees Can Do
If you are an existing or former Xerox employee who purchased and held the Xerox Stock Fund from April 2012 through August 2015 through the Xerox Corp. Savings Plan, please contact our firm for an evaluation of your rights. Y ou can contact Jake Zamansky by telephone at (212) 742-1414 or by email at jake@zamansky.com.
About Zamansky LLC
Zamansky LLC is a leading stock law firm specializing in securities fraud, ERISA and employment class actions. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.