Glancy Prongay & Murray LLP Reminds Investors of the Deadline in the Class Action Lawsuit Against DXC Technology Company (DXC)
LOS ANGELES, Calif., Feb. 21, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the February 25, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased DXC Technology Company (“DXC” or the “Company”) (NYSE: DXC ) securities between February 8, 2018 and November 6, 2018, inclusive (the “Class Period”). DXC investors have until February 25, 2019 to file a lead plaintiff motion.
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On November 6, 2018, DXC announced that it would be reducing its 2019 revenue projection by over $800 million. This announcement follows news on October 24, 2018 that DXC had earlier that month laid off the head of sales force for the Americas, along with further recent layoffs of senior management amid loss of forecasted revenue and customer contracts. On this news, DXC’s share price fell $9.00 per share, or more than 12%, to close at $63.21 per share on November 7, 2018, thereby injuring investors.
The complaint filed in this class action alleges throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose adverse information. Specifically, the complaint alleges that defendants: (1) failed to disclose that the Company had changed or planned to change the operations of its sales teams, deploying generalized sales teams as opposed to the specialized teams that were better capable of delivering specialized services to its clients; (2) that the Company’s workforce optimization strategy of sharply reducing staff while reducing costs was resulting in a shortage of sales personnel who could execute on demand for services, thereby risking and ultimately losing sales and revenue opportunities; (3) and that, consequently, the Company’s revenue and financial performance guidance for fiscal 2019 was without a reasonable basis.
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If you purchased shares of DXC, you may move the Court no later than February 25, 2019 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 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, 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 email@example.com, 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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