Bragar Eagel & Squire, PC, a nationally recognized law firm, announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of investors who bought Amdocs Limited ( NASDAQ: DOX) ordinarily. actions between December 13, 2016 and March 30, 2021, both inclusive (the “class period”). Investors have until June 8, 2021 to apply to the Court to be appointed the main plaintiff in the lawsuit.
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Amdocs, through its global subsidiaries, provides software and services to providers of communications, cable and satellite, entertainment and media services worldwide. Historically, the company’s largest percentage of revenue comes from its U.S. business, primarily in the United States, particularly from large customers, including, among others, AT&T Inc. (“AT&T”).
On March 31, 2021, Jehoshaphat Research (“Jehoshaphat”) published a report on short sellers addressed to Amdocs, alleging that Amdocs exaggerated its profits, evidenced by the steady profits of parents despite declining subsidiary profits. ; that there was a worrying pattern of giving up reputable auditors, which would only be replaced by “scandal-plagued or small shops”; that Amdocs “dressed the windows” of their balance sheets to keep their large loans secret, that is, paying off their debt just before the end of each quarter, thus showing a debt-free balance sheet that day, before repaying the debts. money soon after; and that all of the above was corroborated by former employees and direct competitors of the company, who noted that Amdocs was losing AT&T as a customer, as well as a former U.S. executive of Amdocs, who stated that the “business of the United States United Company was decreasing Rate of [around] 7% per year. . . but then we would see the company [publish results that] let’s say North America is stable. “
The story goes on
According to this news, the price of the common shares of Amdocs fell by $ 9.19 per share, or 11.58%, to close at $ 70.15 per share on March 31, 2021.
The complaint, filed on April 9, 2021, alleges that throughout the class period the defendants made materially false and misleading statements about the company’s business, operations and compliance policies. Specifically, the defendants made false and / or misleading statements and / or did not disclose that: (i) Amdocs exaggerated their profits, cash and liquidity, while underestimating their debt; (ii) Amdocs hid his large loans; (iii) while the results published by Amdocs showed that its US business was stable, this business deteriorated annually, in part because the company lost AT&T as a customer; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased common shares of Amdocs during the class period and suffered a loss, have information, want to learn more about these claims, or have any questions about this ad or your rights or interests regarding such matters, please contact contact Brandon Walker, Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, by phone at (212) 355-4648 or by filling out this contact form. There is no cost or obligation for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. For more information about the company, visit www.bespc.com. Advertising by lawyer. Previous results do not guarantee similar results.
View the source version on businesswire.com: https://www.businesswire.com/news/home/20210604005649/en/
Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.