BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith reminds investors of the upcoming December 23, 2016 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) of investors who purchased Xerox Corporation (“Xerox” or the “Company”) (NYSE: XRX) securities between April 23, 2012 and October 23, 2015, inclusive (the “Class Period”). Xerox investors have until December 23, 2016 to file a lead plaintiff motion.
According to the Complaint filed in this lawsuit, throughout the Class Period Defendants issued false and misleading statements to investors and/or failed to disclose that: (1) Xerox's existing Health Enterprise projects were experiencing major delays and cost overruns; (2) Xerox would be unable to deliver Health Enterprise implementations at sustainable profits; and (3) as a result, Xerox's positive statements about its business, operations and prospects lacked a reasonable basis.
On October 26, 2015, Xerox disclosed disappointing third quarter 2015 financial results, citing lost revenues in its much-touted Health Enterprise segment, including from the termination of certain Health Enterprise projects in California and Montana. According to Xerox, the loss of these contracts would result in lower revenues in each of the next three quarters. Additionally, the Company announced plans for a strategic review of the Company's business portfolio.
On this news, shares of Xerox fell to approximately $9 per share on October 27, 2015.
If you purchased Xerox shares during the Class Period, you may move the Court no later than December 23, 2016 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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