Company name Infosys Limited
Stock symbol INFY
Status Class Action Complaint Filed

NEW YORK, December 11, 2019 –Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York  on behalf of investors that purchased Infosys Limited  (NYSE: INFY) securities between July 7, 2018 and October 20, 2019 (the “Class Period”).  Investors have until December 23, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

On October 21, 2019, Infosys disclosed that it had received whistleblower reports alleging “unethical practices” by the company’s executive management. An unnamed group sent letters to Infosys’ Board and the U.S. Securities and Exchange Commission alleging that the company had taken “unethical” steps to inappropriately boost short-term revenue and profit. These letters also alleged that the Company’s Chief Executive Officer, Salil Parekh, was bypassing standard reviews of large contracts in order to skirt accounting scrutiny.

On this news, the price of Infosys shares fell by more than 16% to close at $9.29 per share.

The complaint, filed on October 23, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly recognized revenues to inflate short-term profits; (2) the Company’s CEO, Salil Parekh, bypassed reviews and approvals for large deals to avoid accounting scrutiny; (3) management pressured the Company’s finance team to hide information from auditors and the Company’s Board of Directors; and (4) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you purchased Infosys shares during the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at  investigations@bespc.com, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.

[/column_1]

First name*

Last name*

City, state, ZIP code

Email address*

Daytime phone

Evening phone

Purchase Date

No. of Shares

Purchase Price

Purchase Date

No. of Shares

Purchase Price

Join action?
YesNo


Call to provide more information: Tel: (212) 355-4648

Please list below any additional transactions in this security:

Additional comments

The submission of this form does not create an attorney-client relationship, nor any obligation on the part of Bragar Eagel & Squire, P.C., or you to file a legal action. Any information you submit will be maintained as confidential. If Bragar Eagel & Squire, P.C., in its sole discretion, believes that you might be an appropriate class representative, Bragar Eagel & Squire, P.C., will contact you to discuss the matter and to determine whether to establish an attorney client relationship.

[/column]