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Xerox Corporation (XRX)

NYSE:XRX

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Xerox Corporation To Contact The Firm Before Lead Plaintiff Deadline

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Xerox Corporation (“Xerox” or the “Company”) (NYSE:XRX) of the December 23, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Xerox stock or options between April 23, 2012 to October 23, 2015 (the “Class Period”).  The case, Oklahoma Firefighters Pension and Retirement System v. Xerox Corporation, No. 16-cv-08260 was filed on October 21, 2016, and has been assigned to Judge Paul A. Engelmayer.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by providing misleading statements about the profitability and growth prospects of the Health Enterprise business, a software management solution designed to assist state agencies administer their respective Medicaid programs.

Specifically, on October 22, 2014, after months of touting Health Enterprise business as an important growth area for the Company, Xerox announced disappointing financial results for the third quarter ended September 30, 2014. The Company cited lower than expected margins on high expense levels incurred on the protracted implementation of its existing Health Enterprise projects as the reason for disappointing margins. After the announcement, Xerox’s share price fell.

Then, on April 24, 2015, Xerox announced financial results for the first quarter ended March 31, 2015, which included disappointing margins due to the continued implementation of existing Health Enterprise projects. On this news, Xerox’s share price declined.

Finally, on October 26, 2015, Xerox released third quarter 2015 financial results that missed analysts’ estimates due in part due to a $385 million pre-tax charge and lost revenues relating to assets and unrecoverable costs associated with its Health Enterprise implementation projects and the termination of Health Enterprise’s California and Montana projects. After the financial results became available to the market, Xerox’s share price fell further.

Take Action

If you invested in Xerox stock or options between April 23, 2012 to October 23, 2015 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding Xerox’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Request Information

Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.

  • Case:
    Xerox Corporation (XRX)
  •    

* The submission of this form does not create an attorney-client relationship.

Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 10/25/2016

Send Information

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