Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of shareholders of Infosys Limited (“Infosys” or the “Company”) (NYSE:INFY) between July 7, 2018 and October 20, 2019.
If you purchased Infosys securities and/or would like to discuss your legal rights and options click “Join Class Action” above.
New York, New York—Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of shareholders of Infosys Limited (“Infosys” or the “Company”) (NYSE:INFY) between July 7, 2018 and October 20, 2019, inclusive (the “Class Period”). The lawsuit filed in the United States District Court for the Eastern District of New York seeks to recover damages for Infosys investors under the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff, you must move the Court no later than December 23, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
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 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.
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 Defendant Parekh was using “unethical practices” to boost short-term revenues and profits.
On this news, Infosys ADSs fell $1.28 per ADS, or over 12%, to close at $9.29 per ADS on October 21, 2019, damaging investors.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Matthew E. Guarnero Bernstein Liebhard LLP
(877) 779-1414 MGuarnero@bernlieb.com