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Case Status:    ONGOING    
On or around 09/18/2019 (Ongoing date of last review)

Filing Date: March 08, 2019

According to the Complaint, Conduent was formed effective December 31, 2016 from a collection of businesses within the Xerox Corporation. Conduent was spun-off to Xerox shareholders in a ratio of one Conduent share for every five Xerox shares owned. Conduent’s primary business is to run operations for clients, such as toll-booth collections.

Throughout 2017, Conduent and its two most senior officers repeatedly represented that Conduent was going through a one-year transformation and would exit as a unified business with a cohesive information technology.

On February 21, 2018, the beginning of the Class Period, defendants represented to shareholders on a conference call that it had “made impressive progress towards transforming our company in almost every dimension, with every function and unit contributing in some way.” Defendants repeated those representations in press releases and conference calls throughout 2018. These representations led to a two-day stock price increase of $2.29 per share (or 14.3%), on February 21-22, 2018.

The Complaint alleges the truth was revealed on November 7, 2018, when defendants acknowledged that Conduent had suffered reduced third quarter and projected fourth quarter operating results caused by “continued suboptimal performance from an inherited legacy technology vendor. The performance issue stem[s] from the vendor’s inability to deliver on service level agreements, lack of responsiveness to Conduent’s needs, and poorly structured contract which we inherited” and that an “outdated and historically under-invested legacy IT infrastructure has caused major disruptions to our operations and impacted clients and delivery performance.” These true facts caused Conduent common stock to tumble $5.60 per share to $13.62, or down 29.1% on very heavy volume.

On July 15, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on September 13.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CNDT
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 19-CV-08237
JUDGE: Hon. Susan D. Wigenton
DATE FILED: 03/08/2019
CLASS PERIOD START: 02/21/2018
CLASS PERIOD END: 11/06/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohn, Lifland, Pearlman, Herrmann & Knopf
  2. Wolf Popper, LLP
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 19-CV-08237
JUDGE: Hon. Susan D. Wigenton
DATE FILED: 09/13/2019
CLASS PERIOD START: 02/21/2018
CLASS PERIOD END: 11/06/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard LLP (New York)
    10 East 40th Street, 22nd Floor, Bernstein Liebhard LLP (New York), NY 10016
    212.779.1414 212.779.1414 ·
  2. Jan Meyer & Associates, P.C.
    1029 Teaneck Road, 2nd Floor, Jan Meyer & Associates, P.C., NJ 07666
    201.862.9500 · office@janmeyerlaw.com
  3. Thornton Law Firm LLP
    1 Lincoln Street, Thornton Law Firm LLP, MA 02111
    617.531.3933 ·
  4. Wolf Popper, LLP
    845 Third Avenue, 12th Floor, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
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