SHAREHOLDER NOTICE: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of DXC Technology
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In DXC To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000 in DXC between May 26, 2021, and May 16, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Sept. 5, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against DXC Technology Company ("DXC" or the "Company") (NYSE: DXC) and reminds investors of the October 1, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that DXC Technology had reduced restructuring and transaction, separation, and integration costs during the Class Period by curbing the company-wide "transformation" and had thereby simply deferred costs that DXC Technology would ultimately need to spend to finally implement the restructuring that it claimed to be successfully addressing during the Class Period.
The complaint alleges that on August 3, 2022, DXC reported disappointing first quarter results, despite having reiterated its guidance just six weeks prior. DXC blamed its poor performance on the fact that its "cost optimization efforts have moved at a slower pace than anticipated." These disclosures caused the price of DXC common stock to decline by 17%, from $31.52 per share to $26.15 per share.
Then, on May 16, 2024, DXC's CEO admitted that "the previous restructurings did not set a real, clean, solid, fully integrated baseline for profitable growth" because the systems that were acquired over time were "never integrated, never deduped," and admitted that the Company was "not [a] fully functional organization." DXC also announced it would need to spend an additional $250 million to achieve the restructuring and integration process it falsely claimed to have been successfully implementing during the Class Period. These disclosures caused the price of DXC common stock to decline nearly 17%, from $19.88 per share to $16.52 per share.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding DXC's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the DXC class action, go to www.faruqilaw.com/DXC or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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