Levi & Korsinsky, LLP announces the commencement of a class action lawsuit in the USDC for the Southern District of New York on behalf of shareholders of Xerox Corporation (NYSE: XRX) who purchased shares between April 23, 2012 and October 23, 2015.
The complaint alleges that during the Class Period the Company violated securities laws by failing to disclose that: (a) the Company’s existing Health Enterprise projects were experiencing major delays and cost overruns; and (b) the Company would be unable to deliver Health Enterprise implementations at sustainable profits.
On October 26, 2015, Xerox released third quarter 2015 financial results that missed analysts’ estimates due in part to a $385 million pre-tax charge and lost revenues relating to assets and unrecoverable costs associated with its Health Enterprise implementation projects and the termination of Health Enterprise’s California and Montana projects. Following this news, shares of Xerox fell from a class period high of $13.57 per share on December 5, 2014, to a close of just $9.01 per share on October 27, 2015.
If you suffered a loss in Xerox Corporation you have until December 23, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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