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Case Status:    ONGOING    
On or around 09/25/2020 (Date of last review)

Filing Date: September 16, 2019

According to the Complaint, in April 2017, Hewlett Packard Enterprise Company ("HPE") conducted a Merger by spinning off its Enterprise Services segment, merging it with CSC, and forming the company now known as DXC. DXC is a technology company that provides end-to-end information technology services.

The Complaint 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, the Complaint alleges Defendants failed to disclose to investors: (1) that the planned “workforce optimization” plan involved implementing arbitrary quotas; (2) that the plan would cut thousands of jobs at the Company; (3) that jobs that were particularly at risk of being cut were held by longer-tenured, knowledgeable, and highly compensated senior personnel; (4) that these job terminations were selectively timed to artificially inflate reported earnings and other financial metrics; (5) that, at the time of the Merger, Defendant Lawrie had forecasted plans for a $2.7 billion workforce reduction in the first year; (6) that, as a result of these workforce terminations, the Company was unlikely to deliver on client contracts; (7) that, as a result of the foregoing, the Company’s clients would be dissatisfied and the relationships would be impaired; and (8) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

On November 19, 2019, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on January 8, 2020. Defendants filed a Motion to Dismiss the amended Complaint on February 24. On July 27, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. On September 25, Lead Plaintiffs filed a second amended Complaint.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: DXC
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: N.D. California
DOCKET #: 19-CV-05794
JUDGE: Hon. Beth Labson Freeman
DATE FILED: 09/16/2019
CLASS PERIOD START: 04/01/2017
CLASS PERIOD END: 09/16/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 19-CV-05794
JUDGE: Hon. Beth Labson Freeman
DATE FILED: 01/08/2020
CLASS PERIOD START: 04/01/2017
CLASS PERIOD END: 09/16/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
  2. Levi & Korsinsky, LLP (SF)
No Document Title Filing Date
—Related District Court Filings Data is not available