According to the Complaint, Exela Technologies Inc. purports to operate as a location-agnostic global business process automation provider combining industry-specific and multi-industry enterprise software and solutions worldwide.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Exela's previously issued financial statements for the twelve months ended December, 31, 2017 and December 31, 2018, and the quarterly statements for the three and nine months ended September 30, 2019 contained numerous accounting errors, could not be relied upon, and required restatement; and (2) 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 June 12, 2020, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on August 11. Defendants filed a Motion to Dismiss the amended Complaint on October 12. On June 24, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiffs were given leave to amend the Complaint. On August 5, Lead Plaintiffs filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on September 3.

On January 21, 2022, the Court issued an Order denying Defendants' Motion to Dismiss.

The parties entered into a Stipulation and Agreement of Settlement on July 27, 2023. On August 21, the Court granted preliminary approval of the Settlement. On December 7, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.