Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Conduent Incorporated
LOS ANGELES--(BUSINESS WIRE)--Apr 16, 2019--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the May 7, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Conduent Incorporated (“Conduent” or the “Company”) (NYSE: CNDT ) securities between February 21, 2018 and November 6, 2018, inclusive (the “Class Period”). Conduent investors have until May 7, 2019 to file a lead plaintiff motion in this class action.
If you are a shareholder who suffered a loss, click here to participate.
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 Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to email@example.com, or visit our website at www.glancylaw.com.
On November 7, 2018, Conduent attributed its negative Q3 and Q4 projected operating results to “continued suboptimal performance from an inherited legacy technology vendor…stem[ming] from the vendor’s inability to deliver on service level agreements, lack of responsiveness to Conduent’s needs, and poorly structured contract which [the Company] inherited.” The Company also disclosed that an “outdated and historically under-invested legacy IT infrastructure has caused major disruptions to our operations and impacted clients and delivery performance.”
On this news, shares of Conduent fell $5.60, or 29%, to close at $13.62 on November 7, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Conduent had misled investors in representing that as of February 2018, it had fixed efficiency issues caused by the company operating on various information resource platforms; (2) those representations being noted as false per the November 7, 2018 admissions made by Conduent that it was continuing to have issues regarding its outdated legacy IT infrastructure.
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If you purchased or otherwise acquired Conduent securities during the Class Period you may move the Court no later than May 7, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20190416006041/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 04/16/2019 07:09 PM/DISC: 04/16/2019 07:09 PM