A lawsuit was filed on behalf of investors in Infosys Limited (NYSE: INFY) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 11/08/2019 -- An investor, who purchased shares of Infosys Limited (NYSE: INFY), filed a lawsuit over alleged violations of Federal Securities Laws by Infosys Limited.
Investors who purchased shares of Infosys Limited (NYSE: INFY) have certain options and for certain investors are short and strict deadlines running. Deadline: December 23, 2019. NYSE: INFY investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
India based Infosys Limited, together with its subsidiaries, provides consulting, technology, and outsourcing services in North America, Europe, India, and internationally.
On October 21, 2019, Infosys Limited disclosed that it had received whistleblower reports alleging "unethical practices" by the company's executive management. An unnamed group sent letters to Infosys' Board and the U.S. Securities and Exchange Commission alleging that the company had taken "unethical" steps to inappropriately boost short-term revenue and profit. These letters also alleged that the Company's Chief Executive Officer, Salil Parekh, was bypassing standard reviews of large contracts in order to skirt accounting scrutiny.
Shares of Infosys Limited (NYSE: INFY) declined to as low as $8.90 per share on October 22, 2019.
The plaintiff claims that between July 7, 2018 and October 20, 2019, the defendants made false and/or misleading statements and/or failed to disclose that the Company improperly recognized revenues to inflate short-term profit, that the Company's CEO, Salil Parekh, bypassed reviews and approvals for large deals to avoid accounting scrutiny, that management pressured the Company's finance team to hide information from auditors and the Company's Board of Directors, and 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.
Those who purchased shares of Infosys Limited (NYSE: INFY) have certain options and should contact the Shareholders Foundation.
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