Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against DXC Technology Company (DXC)

09月12日 17:21 GlobeNewswire

LOS ANGELES, Sept. 12, 2024 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming October 1, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired DXC Technology Company (“DXC” or the “Company”) (NYSE: DXC) common stock between May 26, 2021 and May 16, 2024, inclusive (the “Class Period”).

If you suffered a loss on your DXC investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/DXC-Technology-Company/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On August 3, 2022, DXC released disappointing financial results for the first quarter of fiscal year 2023, attributing it to “cost optimization efforts [moving] at a slower pace than anticipated.” On this news, DXC’s stock price fell $5.37, or 17%, to close at $26.15 per share on August 4, 2022, thereby injuring investors.

Then, on December 20, 2023, DXC announced the sudden departure of its CEO and Chairman of the Board. On this news, DXC’s stock price fell $3.04, or 12.1%, to close at $21.99 per share on December 20, 2023.

Then, on May 16, 2024, DXC’s new CEO stated 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.” Additionally, the Company disclosed that it would need to spend an additional $250 million to achieve the restructuring and integration process that it had previously claimed to have been successfully implementing. On this news, DXC’s stock price fell $3.36, or 16.9%, to close at $16.52 per share on May 17, 2024, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company had reduced restructuring and transaction, separation, and integration costs during the Class Period by curbing the Company-wide “transformation” and had thereby simply deferred costs that DXC would ultimately need to spend to finally implement the restructuring that it claimed to be successfully addressing during the Class Period; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired DXC common stock during the Class Period, you may move the Court no later than October 1, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, 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 shareholders@glancylaw.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.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com