BENSALEM, Pa.–(BUSINESS WIRE)–$INFY–Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Infosys Limited (“Infosys” or the “Company”) (NYSE: INFY) securities between July 7, 2018 and October 20, 2019, inclusive (the “Class Period”). Infosys investors have until December 23, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Infosys investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On October 21, 2019, Infosys disclosed that it had received whistleblower complaints alleging “unethical practices” by the Company’s management to inappropriately boost short-term revenue and profit. Moreover, the complaints alleged that the Company’s Chief Executive Officer (“CEO”), Salil Parekh, bypassed reviews and approvals of large contracts to avoid accounting scrutiny.
On this news, the Company’s share price fell $1.28, or over 12%, to close at $9.29 per share on October 21, 2019, thereby injuring investors.
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: (1) that the Company improperly recognized revenues to inflate short-term profits; (2) that the Company’s CEO, Salil Parekh, bypassed reviews and approvals for large deals to avoid accounting scrutiny; (3) that management pressured the Company’s finance team to hide information from auditors and the Company’s Board of Directors; and (4) 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.
If you purchased Infosys securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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