The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Amdocs Limited (DOX) Investors
LOS ANGELES--(BUSINESS WIRE)--Apr 13, 2021--
The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Amdocs Limited (“Amdocs” or the “Company”) (NASDAQ: DOX ) ordinary shares between December 13, 2016 and March 30, 2021, inclusive (the “Class Period”). Amdocs investors have until June 8, 2021 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On March 31, 2021, before markets opened, Jehoshaphat Research published a report alleging that Amdocs overstated its profits, evidenced by steady parent profits despite declining subsidiary profits. The report also noted there was a concerning pattern of reputable auditors resigning, only to be replaced by “scandal-plagued or tiny shops.” Furthermore, the report alleged that the Company “window-dressed” its balance sheets to keep its large borrowing a secret, and former employees and direct competitors corroborated the findings, including a former American Amdocs executive, who stated, “The US business was declining at a rate of [around] 7% annually . . . but then we would see the company [publish results that] say North America is stable.”
On this news, Amdocs’ stock price fell $9.19 per share, or 11.58%, to close at $70.15 on March 31, 2021.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Amdocs overstated its profits, cash, and liquidity, while understating its debt; (2) Amdocs concealed its large borrowing; (3) while Amdocs’ reported results showed that its North American business was stable, that business was actually deteriorating annually, in part because the Company was losing AT&T as a customer; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Amdocs securities during the Class Period, you may move the Court no later than June 8, 2021 to ask the Court to appoint you 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 purchased Amdocs securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210413005367/en/
CONTACT: The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: The Law Offices of Frank R. Cruz
Copyright Business Wire 2021.
PUB: 04/13/2021 11:00 AM/DISC: 04/13/2021 11:01 AM