Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $150,000 Investing In Infosys Limited To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Infosys Limited ("Infosys" or the "Company")(NYSE:INFY) of the December 23, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Infosys American depository shares (“ADSs”) or options between July 7, 2018 and October 20, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. 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 email@example.com.
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Infosys securities between July 7, 2018 and October 20, 2019 (the "Class Period"). The case, Batwara v. Infosys Limited et al., No. 19-cv-05959 was filed on October 23, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company improperly recognized revenues to inflate short-term profits; (2) the Company’s CEO, Salil Parekh, bypassed reviews and approvals for large deals to avoid accounting scrutiny; (3) management pressured the Company’s finance team to hide information from auditors and the Company’s Board of Directors; and (4) 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.
On October 21, 2019, before the market opened, the Economic Times reported that an anonymous group calling itself "ethical employees" sent a whistleblower complaint to the Company’s audit committee and the SEC. The whistleblower complaint stated that Salil Parekh was using "unethical practices" to boost short-term revenues and profits.
On this news, Infosys's ADS price fell from $10.57 per ADS on October 18, 2019 to a closing price of $9.29 on October 21, 2019: a $1.28 or a 12.11% drop.
Infosys Limited (INFY)
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Filed on 10/21/2019
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Richard W. Gonnello firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331