LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz (“FRC”) reminds investors of the upcoming December 23, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Infosys Limited (“Infosys” or the “Company”) (NYSE: INFY) investors who purchased securities between July 7, 2018 and October 20, 2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On October 21, 2019, Infosys disclosed that it had received whistleblower complaints alleging “unethical practices” by the Company’s management to inappropriately boost short-term revenue and profit. Moreover, the complaints alleged that the Company’s Chief Executive Officer (“CEO”), Salil Parekh, bypassed reviews and approvals of large contracts to avoid accounting scrutiny.
On this news, the Company’s share price fell $1.28, or over 12%, to close at $9.29 per share on October 21, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company improperly recognized revenues to inflate short-term profits; (2) that the Company’s CEO, Salil Parekh, bypassed reviews and approvals for large deals to avoid accounting scrutiny; (3) that management pressured the Company’s finance team to hide information from auditors and the Company’s Board of Directors; and (4) that as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
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If you purchased or otherwise acquired Infosys securities during the Class Period, you may move the Court no later than December 23, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of FRC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067, at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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