SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Unisys Corporation of Class Action Lawsuit and Upcoming Deadline
NEW YORK, Dec 5, 2022 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Unisys Corporation (NYSE: UIS), and certain officers. The class action, filed in the United States District Court for the Eastern District of Pennsylvaniaand docked under 22-cv-04529, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Unisys securities between August 3, 2022 other November 7, 2022both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials
If you are a shareholder who purchase or otherwise acquired Unisys securities, you have until January 10, 2023 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S Willoughby at [email protected] or 888.476.6529 (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.
[Click here for information about joining the class action]
Unisys, together with its subsidiaries, operates as an information technology services company worldwide. The Company operates in Digital Workplace Solutions; cloud and infrastructure solutions; and Enterprise Computing Solutions segments.
On August 3, 2022in a press release announcing the Company’s Q2 2022 financial results, the Company provided its 2022 financial guidance, stating, in relevant part, “[r]Evenue growth is now expected to be in the range of (1.0%) to 1.0% YoY or in the range of 2.5 to 4.5% in constant currency. The company now anticipates that non-GAAP operating profit margin will be between 7.5 to 9.0% and adjusted EBITDA margin in the range of 16.0 to 17.5%.”
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s 2022 financial guidance was significantly overstated; (ii) accordingly, once the truth was revealed, it was likely that the Company would be required to negatively revise its 2022 financial guidance; (iii) in addition to the foregoing, material weaknesses existed in the Company’s internal control over financial reporting; and (iv) as a result of all of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.
On November 7, 2022post-market, Unisys issued a press release disclosing that the Company was lowering its previously stated 2022 financial guidance by a significant margin and that it would be “unable to file, without unreasonable effort and expense and within the prescribed time period, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the ‘Form 10-Q’).” Specifically, the press release stated that the Company’s audit and finance committee “is conducting an internal investigation regarding certain disclosure controls and procedures matters” and that “[f]ollowing the evaluation of the results of the investigation, the Company expects that it may determine that there are one or more material weaknesses in its internal control over financial reporting, which may result in a conclusion that the Company’s disclosure controls and procedures and internal control over financial reporting is not effective.”
On this news, Unisys’s stock price fell $4.33 per share, or 48%, to close at $7.89 per share on November 8, 2022.
Pomerantz LLP, with offices in new York, Chicago, los Angeles, London, Parisand 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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
Robert S Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP