Class action lawsuit against Infosys dismissed in US


Bengaluru, May 22 (IANS): Infosys on Friday said that the class action lawsuit filed against the company in the US has been "voluntarily dismissed" by the plaintiff.

In October 2019, a class action lawsuit was filed in a United States District Court against the company and certain of its current and former officers including the current CEO Salil Parekh, over alleged false and misleading statements of the company to the market in a bid to boost short term revenue and profit.

"The complaint, which was filed in the Eastern District of New York, was brought on behalf of a class consisting of persons or entities who purchased the Company's publicly traded securities between July 7, 2018 and October 20, 2019, and alleged claims for violations of the US federal securities laws. On May 21, 2020, the plaintiff voluntarily dismissed the lawsuit without prejudice," Infosys said in a regulatory filing.

US-based Schall Law Firm and Rosen Law Firm had filed the lawsuit over alleged violation of US federal securities laws on behalf of Infosys shareholders in the US.

Shares of Infosys surged post the dismissal of the lawsuit. On the BSE, its shares closed at Rs 692.25, higher by Rs 20.25 or 3.01 per cent from the previous close.

 

  

LEAVE A COMMENT

Title : Class action lawsuit against Infosys dismissed in US


 
 
 
 

 
You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.


Security Validation

Enter the characters in the image