Moneycontrol
Get App
Last Updated : Dec 13, 2019 01:13 PM IST | Source: Moneycontrol.com

Infosys says not aware of additional lawsuits, share price rises

Media reports on December 12 said a US-based law firm had announced a class-action lawsuit against the Indian IT major, accusing it of marking false and misleading statements to investors.

Whistlblower allegations against Infosys: In October, a group of Infosys employees anonymously wrote to the US Securities and Exchange Commission (SEC), alleging that the IT major took unethical measures to boost profits and short-term revenue. The employees accused chief executive Salil Parekh of bypassing reviews and approvals of large deals. (Image: Reuters)
Whistlblower allegations against Infosys: In October, a group of Infosys employees anonymously wrote to the US Securities and Exchange Commission (SEC), alleging that the IT major took unethical measures to boost profits and short-term revenue. The employees accused chief executive Salil Parekh of bypassing reviews and approvals of large deals. (Image: Reuters)
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

A day after declining almost 3 percent, Infosys share price rose over a percent on BSE on December 13 after the IT major said it was not aware of any new complaints other than the ones filed in October.

"The company is aware of several media stories referencing an additional securities class-action lawsuit against Infosys. The company is not aware of any additional complaints, other than the initial complaint, which was disclosed on October 24, 2019," Infosys said in a BSE filing.

"The company notes that it is not uncommon for plaintiffs’ lawyers to issue press releases or other media communications asking potential plaintiffs to contact them in order to apply for lead plaintiff status in an existing lawsuit. It appears that the press communications by the Schall Law Firm are soliciting potential lead plaintiff applicants."

Close

Media reports on December 12 said the US-based shareholder rights litigation firm had announced filing a class-action lawsuit, accusing the Indian IT company of marking false and misleading statements to investors.

The Schall Law Firm said the investors who purchased Infosys securities between July 7, 2018, and October 20, 2019, could participate in the action by December 23.

At 1255 hours, Infosys was trading 1 percent up at Rs 708.90 on BSE.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Dec 13, 2019 01:13 pm
Sections
Follow us on
Available On