NEW YORK, Oct. 22, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Infosys Limited (“Infosys” or the “Company”) (NYSE: INFY). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Infosys and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 21, 2019, Infosys disclosed that it had received whistleblower reports alleging “unethical practices” by the Company’s executive management. Specifically, an unnamed group sent letters to Infosys’s Board of Directors and to the U.S. Securities and Exchange Commission, alleging that Infosys had taken “unethical” steps to inappropriately boost short-term revenue and profit. These letters also alleged that Infosys’s Chief Executive Officer, Salil Parekh, was bypassing standard reviews of large contracts in order to skirt accounting scrutiny.
On this news, Infosys’s stock price fell $1.28 per share, or 12.11%, to close at $9.29 per share on October 21, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
