The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Infosys Limited (NYSE: INFY) who purchased shares between July 7, 2018 and October 20, 2019. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the Infosys lawsuit alleges that (1) the Company improperly recognized revenues to inflate short-term profits; (2) Chief Executive Officer Salil Parekh 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 of the aforementioned misconduct, Defendants’ statements about Infosys’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until December 23, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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