Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises DXC Technology Company ("DXC" or the "Company") (NYSE: DXC) investors of a class action representing investors that bought securities between May 26, 2021 and May 16, 2024, inclusive (the "Class Period"). DXC investors have until October 1, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On August 3, 2022, DXC reported disappointing first-quarter financial results for fiscal year 2023, citing slower-than-expected progress in cost optimization. This news caused DXC's stock price to drop by $5.37, or 17%, closing at $26.15 per share on August 2, 2022, harming investors.
On December 20, 2023, DXC announced the sudden departure of its CEO and Chairman of the Board, leading to a 12.1% decrease in its stock price, which fell by $3.04 to $21.99 per share on the same day.
Then, on May 16, 2024, DXC’s new CEO revealed that previous restructuring efforts were ineffective and that the company needed an additional $250 million to complete the restructuring and integration process. This admission, coupled with the CEO’s statement that the company was “not [a] fully functional organization,” caused the stock price to drop by $3.36, or 16.9%, closing at $16.52 per share on May 17, 2024, further impacting investors.
The complaint alleges that throughout the Class Period, the Defendants made false or misleading statements and failed to disclose important negative facts about the Company’s business and prospects. Specifically, the complaint claims that Defendants did not reveal that: (1) the Company had reduced costs for restructuring and integration by slowing down its “transformation” efforts, deferring costs that would eventually be needed; and (2) as a result, Defendants’ optimistic statements about the Company’s performance and future prospects were misleading or lacked a reasonable basis.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
Attorney Advertising
