Pomerantz LLP announces that a class action lawsuit has been filed against DXC Technology Company ("DXC" or the "Company") (NYSE:DXC). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether DXC and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until October 1, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired DXC securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On August 3, 2022, DXC reported disappointing first quarter results, despite having reiterated its guidance just six weeks prior. DXC blamed its poor performance on the fact that its "cost optimization efforts have moved at a slower pace than anticipated."
On this news, DXC's stock price fell $5.37 per share, or 17.04%, to close at $26.15 per share on August 4, 2022.
Then, on December 20, 2023, DXC announced the sudden departure of its Chief Executive Officer ("CEO") and Chairman of the Board, Defendant Michael Salvino, effective December 18, 2023.
On this news, DXC's stock price fell $3.04 per share, or 12%, to close at $21.99 per share on December 20, 2023.
Finally, on May 16, 2024, DXC's new CEO admitted that "the previous restructurings did not set a real, clean, solid, fully integrated baseline for profitable growth" because the systems that were acquired over time were "never integrated, never deduped," and admitted that the Company was "not [a] fully functional organization." DXC also announced it would need to spend an additional $250 million to achieve the restructuring and integration process it falsely claimed to have been successfully implementing during the Class Period.
On this news, DXC's stock price fell $3.36 per share, or 16.9%, to close at $16.52 per share on May 17, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP