STEVENSON, Md.--(BUSINESS WIRE)--
The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Xerox Corporation (NYSE: XRX) (“Xerox” or the “Company”) common stock during the period between April 23, 2012 and October 23, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until December 23, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Xerox common stock during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company’s existing Health Enterprise projects were experiencing major delays and cost overruns and it would be unable to deliver Health Enterprise implementations at sustainable profits.
According to the complaint, following October 22, 2014 and April 24, 2015 press releases announcing disappointing margins due to high expense levels incurred on the protracted implementation of the Health Enterprise projects, an October 23, 2015 press release announcing that the Company would be recording a $385 million pre-tax charge related to assets and unrecoverable costs associated with its Health Enterprise implementation projects and that it would not complete its projects in California and Montana, and an October 26, 2015 release of financial results that missed estimates due in part to lost revenues from the termination of the projects, the value of Xerox shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Xerox common stock purchased on or after April 23, 2012 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at [email protected] or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
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