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New York, May 14, 2021 (Global News)-Pomerantz LLP announced that it has filed a class action lawsuit (NASDAQ:DOX), and some of its personnel. The class action filed in the District Court for the Central District of California is classified under 21-cv-03078 and represents a class composed of all individuals and entities other than the defendant who purchased or otherwise purchased Amdocs common stock on December 13, 2016 Between March 30, 2021 (both days inclusive) (the “class action period”), seek to recover damages caused by the defendant’s violation of the federal securities laws, and seek to take action pursuant to Sections 10(b) and 20(a) Remedies), the Securities Exchange Act of 1934 (hereinafter referred to as the “Exchange Act”) and Article 10b-5 promulgated under the Act, against companies and certain senior officials.
If you are a shareholder who purchased Amdocs common stock during the class action, you must ask the court to appoint you as the plaintiff of the class action before June 8, 2021. A copy of the complaint can be obtained at the following address: www.pomerantzlaw.com.To discuss this operation, please contact Robert S. Willoughby at newaction@pomlaw.com Or 888.476.6529 (or 888.4-POMLAW), toll free, internal line. 7980. Encourage those who inquire via e-mail to include their mailing address, telephone number and the number of shares purchased.
[Click here for information about joining the class action]
Through its global subsidiaries, Amdocs provides software and services to service providers in the communications, cable and satellite, entertainment and media industries worldwide. Historically, the largest percentage of the company’s revenue comes from its North American operations, most of which are U.S. operations, especially from major customers including AT&T Inc. (“AT&T”).
The complaint stated that during the entire training period, the defendant made material false and misleading statements about the company’s business, operations and compliance policies. Specifically, the defendant made false and/or misleading statements, and/or failed to disclose the following: (i) Amdocs exaggerated its profits, cash and liquidity, and underestimated its debt; (ii) Amdocs concealed its A large amount of borrowing; (iii) Although Amdocs’ report showed that its North American business was stable, the business actually deteriorated every year, partly because the company lost AT&T as a customer; (iv) As a result, the company’s public statement was in all relevant The timing is materially false and misleading.
On March 31, 2021, before going public, Jehoshaphat Research released a short-sale report on Amdocs, which stated that Among othersAmdocs has exaggerated its profits. Although the profits of the subsidiary companies have fallen, the profits of the parent company have been stable, which proves this; there is an interesting resignation model of auditors with a good reputation, which is only replaced by “scandal-ridden small shops.” ; Amdocs “windowed” its balance sheet to keep its massive borrowing secret, that is, to repay its debts before the end of each quarter, so it shows a debt-free balance sheet on the day of re-borrowing the balance sheet .Money shortly thereafter; and all the above content was confirmed by the company’s former employees and direct competitors, who pointed out that Amdocs lost AT&T as a customer, and a former American Amdocs executive stated that the company’s “U.S. business is in a ratio [around] 7% per year. . .But then we will see the company [publish results that] Said that North America is very stable. “
On this news, Amdocs’ ordinary share price fell by US$9.19, or 11.58%, to close at US$70.15 per share on March 31, 2021.
Pomerantz has offices in New York, Chicago, Los Angeles and Paris, and is recognized as one of the leading firms in the field of corporate, securities and antitrust litigation. Founded by the late president of the class action law firm Abraham L. Pomerantz (Abraham L. Pomerantz), Pomerantz pioneered the field of securities class actions. Today, more than eighty years later, Pomerantz continues to uphold the tradition he established to fight for the rights of victims of securities fraud, breach of fiduciary duties and corporate misconduct. The company has recovered millions of dollars in damages on behalf of class members.Look www.pomerantzlaw.com
contact:
Robert Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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