TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

Infosys Limited (NYSE: INFY) Investor Securities Class Action Lawsuit 10/23/2019

  • If you purchased shares of Infosys Limited (NYSE: INFY), you have certain options and you should contact the Shareholders Foundation, Inc.

  • 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

Company
Infosys Ltd
Security
NYSE: INFY

Case Name
Infosys Shareholder Class Action Lawsuit 10/23/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
You must register or login to receive notifications.

Click here to subscribe to Infosys Ltd.
Summary

May 21, 2020 - The plaintiff voluntarily dismissed the lawsuit without prejudice.

October 23, 2019 - An investor in shares of Infosys Limited (NYSE: INFY) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Infosys Limited in connection with certain allegedly false and misleading statements made between July 7, 2018 and October 20, 2019.

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.

According to the complaint the plaintiff alleges on behalf of purchasers of Infosys Limited (NYSE: INFY) common shares between July 7, 2018 and October 20, 2019, that the defendants violated Federal Securities Laws. More specifically, 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.