LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Amdocs Limited (“Amdocs” or the “Company”) (NASDAQ: DOX) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On March 31, 2021, before markets opened, Jehoshaphat Research published a report alleging that Amdocs overstated its profits, evidenced by steady parent profits despite declining subsidiary profits. The report also noted there was a concerning pattern of reputable auditors resigning, only to be replaced by "scandal-plagued or tiny shops." Furthermore, the report alleged that the Company "window-dressed" its balance sheets to keep its large borrowing a secret, and former employees and direct competitors corroborated the findings, including a former American Amdocs executive, who stated, "The US business was declining at a rate of [around] 7% annually . . . but then we would see the company [publish results that] say North America is stable."
On this news, Amdocs’ stock price fell $4.35, or 5.5%, from closing at $79.34 on March 30, 2021 to open at $74.99 on March 31, 2021.
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If you purchased Amdocs securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.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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