Robbins Arroyo LLP: Conduent, Inc. (CNDT) Sued for Misleading Shareholders
SAN DIEGO & FLORHAM PARK, N.J.--(BUSINESS WIRE)--Mar 20, 2019--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Conduent, Inc. (NYSE: CNDT) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between February 21, 2018 and November 6, 2018. Conduent provides business process services.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/conduent/
Conduent Accused of Inflating Revenue and Growth
According to the complaint, Conduent was formed in December 2016 from a collection of businesses within the Xerox Corporation. In 2017, Conduent acknowledged that it was a disparate company and needed to go through a transformation period. By February 2018, Conduent represented that it had exited the transformation phase and had cured inefficiencies caused by operating on multiple information resource platforms. However, just a few months later, Conduent released negative third quarter results and lowered its FY18 revenue guidance. Management blamed the lowered outlook on the “continued suboptimal performance from an inherited legacy technology vendor” and on an “outdated and historically under-invested legacy IT infrastructure [that] has caused major disruption”. On this news, Conduent’s stock fell almost 30% to $13.92 per share on November 7, 2018, and has yet to recover.
Conduent Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190320005834/en/
CONTACT: Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
Copyright Business Wire 2019.
PUB: 03/20/2019 06:23 PM/DISC: 03/20/2019 06:23 PM