Infosys Limited : American Depositary Shares Securities Litigation
On or around 05/22/2020 (Other)
Filing Date: October 23, 2019
According to the Complaint, Infosys, with its subsidiaries, purports to provide consulting, technology, and outsourcing services in North America, Europe, India, and internationally.
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly recognized revenues to inflate short-term profits; (2) the Company’s CEO bypassed reviews and approvals for large deals to avoid accounting scrutiny; (3) management pressured the Company’s finance team to hide information from auditors and the Company’s Board of Directors; and (4) 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.
On January 10, 2020, the Court appointed Lead Plaintiff and Counsel. This case was voluntarily dismissed on May 21.
Company & Securities Information
Defendant: Infosys Limited
Industry: Computer Services
Ticker Symbol: INFY
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.
First Identified Complaint
Abhishek Batwara, et al. v. Infosys Limited, et al.
COURT: E.D. New York
DOCKET #: 19-CV-05959
JUDGE: Hon. Pamela K. Chen
DATE FILED: 10/23/2019
CLASS PERIOD START: 07/07/2019
CLASS PERIOD END: 10/20/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
The Rosen Law Firm, P.A. (NY)
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violations of the Federal Securities Laws
Rulings from Motion Hearing [Lead Plaintiff appointment]
Stipulation of Dismissal
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available