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If you purchased a significant amount of shares of Amdocs Limited (NASDAQ: DOX) between December 13, 2016 and March 30, 2021, and / or if you purchased any NASDAQ: DOX shares prior to December 2016 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: June 8, 2021. NASDAQ: DOX investors should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
April 09, 2021 - An investor in shares of Amdocs Limited (NASDAQ: DOX) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Amdocs Limited in connection with certain allegedly false and misleading statements made between December 13, 2016 and March 30, 2021.
Chesterfield, MO based Amdocs Limited, through its subsidiaries, provides software and services to the communications, pay TV, entertainment, and media industry service providers worldwide.
Amdocs Limited reported that its Total Revenue declined from over $10.54 billion for the 12 months period that ended on September 30, 2019 to over $9.76 billion for the 12 months period that ended on September 30, 2020.
On January 23, 2019, Spruce Point Capital Management issued a report alleging how Amdocs has “engineered superficial top and bottom-line growth” through “opaque M&A, aggressive percentage-of-completion accounting, software cost capitalization, and repeated one-off net tax benefits.”
On March 31, 2021, Jehoshaphat Research published a short-seller report on Amdocs. In the report, Jehoshaphat alleged, among other things, that "extensive evidence from the national corporate registry filings of dozens of subsidiaries from around the globe" with Amdocs' public filings and found "widely overstated profit margins" and a "revolving door" of auditors.
According to the complaint the plaintiff alleges on behalf of purchasers of Amdocs Limited (NASDAQ: DOX) common shares between December 13, 2016 and March 30, 2021, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between December 13, 2016 and March 30, 2021, the Defendants made false and/or misleading statements and/or failed to disclose that Amdocs overstated its profits, cash, and liquidity, while understating its debt, that Amdocs concealed its large borrowing, that while Amdocs' reported results showed that its North American business was stable, that business was actually deteriorating annually, in part because the Company was losing AT&T as a customer, and that as a result, the Company's public statements were materially false and misleading at all relevant times.