Shareholders Foundation, Inc.

NYSE:UIS Shareholder Alert: Lawsuit Alleges Misleading Statements by Unisys Corporation

A lawsuit was filed on behalf of investors in Unisys Corporation (NYSE:UIS) shares over alleged securities laws violations.


San Diego, CA -- (SBWIRE) -- 12/09/2022 -- An investor, who purchased shares of Unisys Corporation (NYSE: UIS), filed a lawsuit over alleged violations of Federal Securities Laws by Unisys Corporation.

Investors who purchased shares of Unisys Corporation (NYSE: UIS) have certain options and for certain investors are short and strict deadlines running. Deadline: January 10, 2023. NYSE: UIS investors should contact the Shareholders Foundation at or call +1(858) 779 - 1554.

Blue Bell, PA based Unisys Corporation, together with its subsidiaries, operates as an information technology services company worldwide.

On August 3, 2022, Unisys Corporation announced its Q2 2022 financial results, the Company and provided its 2022 financial guidance, stating, in relevant part, "[r]evenue growth is now expected to be in the range of (1.0%) to 1.0% YoY or in the range of 2.5 to 4.5% in constant currency. The company now anticipates that non-GAAP operating profit margin will be between 7.5 to 9.0% and adjusted EBITDA margin in the range of 16.0 to 17.5%."

On November 8, 2022, Unisys Corporation disclosed that it "is unable to file, without unreasonable effort and expense and within the prescribed time period, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the 'Form 10-Q').

The Audit & Finance Committee of the Company's Board of Directors (the 'Audit Committee') is conducting an internal investigation regarding certain disclosure controls and procedures matters, including, but not limited to, the dissemination and communication of information within certain parts of the organization. The investigation is ongoing. Following the evaluation of the results of the investigation, the Company expects that it may determine that there are one or more material weaknesses in its internal control over financial reporting, which may result in a conclusion that the Company's disclosure controls and procedures and internal control over financial reporting are not effective."

Unisys Corporation further disclosed that the "Audit Committee requires additional time to complete its investigation and the Company and its independent registered public accounting firm require incremental time to complete their respective reviews of the Company's internal controls and procedures. Notwithstanding the foregoing, the Company does not expect the investigation to result in any changes to the financial results in the Company's previously reported financial statements or impact the financial results in the Company's unaudited financial statements for the period as of and ended September 30, 2022. While the Company is working to finalize its investigation and evaluation of its disclosure controls and procedures and complete remediation actions as soon as possible, it does not expect to be in a position to file the Form 10-Q within the five calendar days following the prescribed due date."

Shares of Unisys Corporation (NYSE: UIS) declined from $9.20 per share on October 05, 2022, to as low as $4.22 per share on November 21, 2022.

The plaintiff claims that between August 3, 2022 and November 7, 2022, the Defendants made false and/or misleading statements and/or failed to disclose that the Company's 2022 financial guidance was significantly overstated, that accordingly, once the truth was revealed, it was likely that the Company would be required to negatively revise its 2022 financial guidance, that in addition to the foregoing, material weaknesses existed in the Company's internal control over financial reporting, and that as a result of all of the foregoing, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Unisys Corporation (NYSE: UIS) have certain options and should contact the Shareholders Foundation.

Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.