NEW YORK, June 3, 2021 (GLOBE NEWSWIRE) – 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 class action, filed in the United States District Court for the Central District of California, and filed under No. 21-cv-03078, corresponds to a class consisting of all persons and entities other than the defendants who purchased or acquire ordinary shares of Amdocs. between December 13, 2016 and March 30, 2021, both dates included (the “Class Period”), with the goal of recovering damages caused by violations of the defendants ’federal securities laws and prosecuting appeals provided for in sections 10 (b) and 20 (a)) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 enacted in turn, against the company and some of its senior officials.
If you are a shareholder who purchased common shares of Amdocs during the class period, you have until June 8, 2021 to apply to 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 discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who request 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
On March 31, 2021, before the market, Jehoshaphat Research published a report on short sellers addressed to Amdocs, alleging, among other things, that Amdocs exaggerated its profits, as evidenced by the steady gains of the parents. , 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 “look” at their balance sheets to keep their large loans secret, that is, by paying off their debt just before the end of each quarter, thus showing a debt-free balance sheet that day, before borrowing again. 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 Tax’s business of [around] 7% per year. . . but then we would see the company [publish results that] let’s say North America is stable. “
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 Pomerantz firm, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading firms in business litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the collective bar, the Pomerantz firm was a pioneer in the field of collective stock. 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