NEW YORK, May 25, 2021 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against Amdocs Limited (“Amdocs” or “Company”) (NASDAQ: DOX) and some of its officers. The collective action, presented in the United States District Court of the Central District of California, and subscribed under number 21-cv-03078, is in the name of a class formed by all persons and entities other than the defendants who bought or acquired ordinary shares of Amdocs among others December 13, 2016 i March 30, 2021, both dates included (the “Class Period”), which seek to recover damages caused by violations of federal laws on defendants’ securities and pursue appeals under sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 “Exchange Act”) and Rule 10b-5 enacted under this, against the Company and some of its senior officials.
Fight for victims of securities fraud for more than 85 years (PRNewsfoto / Pomerantz LLP)
If you are a shareholder who bought ordinary shares of Amdocs during the class period, you have up to June 8, 2021 to ask the court to designate you as the main plaintiff in the class. A copy of the claim can be obtained at www.pomerantzlaw.com. To comment on this action, please contact Robert S. Willoughby to email@example.com or 888.476.6529 (or 888.4-POMLAW), free, Ext. 7980. Those requesting information by email are recommended to include their mailing address, telephone number, and number of shares purchased.
[Click here for information about joining the class action]
Amdocs, through its global subsidiaries, provides software and services to providers of communications, cable and satellite, entertainment and media services worldwide. Historically, the largest percentage of the company’s revenue comes from its U.S. business, primarily in the United States, particularly from large customers, including, among others, AT&T Inc. (“AT&T”).
The complaint 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.
The story goes on
Turned on March 31, 2021, prior to commercialization, Jehoshaphat Research published a report on short sellers addressed to Amdocs, alleging, among other things, that Amdocs exaggerated its profits, evidenced by the company’s steady profits despite declining subsidiary profits ; that there was a worrying pattern of renowned auditors resigning, only to be replaced by “scandal-ridden or small shops”; that Amdocs “pretended” its balance sheets to keep its large loans secret, that is, paying off its debt just before the end of each quarter, thus showing a debt-free balance sheet that day, before re-applying. borrowed 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 declining rate of [around] 7% per year. . . but then we would see the company [publish results that] to say North America is stable “.
In this news, the ordinary price of the shares of Amdocs fell $ 9.19 per share, or 11.58%, to close $ 70.15 per action a March 31, 2021.
The firm Pomerantz, with offices in Barcelona New York, Chicago, Los Angeles, i Paris is recognized as one of the leading firms in business litigation, securities and antitrust. Founded by the deceased Towards Abraham L. Pomer, known as dean of the collective bargaining bar, the firm Pomerantz was a pioneer in the field of collective stock actions. Today, more than 80 years later, the Pomerantz firm continues the tradition it established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm has recovered numerous awards for multimillion-dollar damages on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
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