Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Amdocs Limited of Class Action Lawsuit and Upcoming Deadline – DOX
NEW YORK, April 23, 2021 (GLOBE NEWSWIRE) – Pomerantz LLP announces that a class action lawsuit has been filed against Amdocs Limited (“Amdocs” or the “Company”) (NASDAQ: DOX) and some of its officers. The class action suit, filed in the US District Court for the Central District of California and filed under 21-cv-03078, is directed at a class composed of all persons and entities other than defendants who purchased or otherwise acquired Amdocs common stock have between December 13, 2016 and March 30, 2021, both dates including (the “Class Period”), to seek damages caused by Defendants’ violations of federal securities laws and to seek remedial action under Sections 10 ( b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated therein against the Company and some of its chief officers.
If you are a shareholder who purchased Amdocs common stock during the class period, you have until June 8, 2021 to petition the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this promotion, contact Robert S. Willoughby at firstname.lastname@example.org or toll free 888.476.6529 (or 888.4-POMLAW) ext. 7980. Those who inquire by email are encouraged to give their Provide postal address, telephone number and the number of shares purchased.
[Click here for information about joining the class action]
Through its global subsidiaries, Amdocs offers software and services for service providers in the communications, cable and satellite, entertainment and media industries worldwide. Historically, the largest percentage of the Company’s revenue has come from its North American business, primarily the United States, particularly from large accounts including AT&T Inc. (“AT&T”), among others.
The complaint alleges that throughout the classroom period, the defendants made materially false and misleading statements about the company’s business, operational, and compliance policies. In particular, Defendants have made false and / or misleading statements and / or failed to disclose that: (i) Amdocs overestimated its earnings, cash and liquidity while underestimating its debt; (ii) Amdocs has kept silent about its large borrowing; (iii) While the results reported by Amdocs showed that North American business was stable, business actually deteriorated annually, in part because the company lost AT&T as a customer; and (iv) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
On March 31, 2021, prior to placing it on the market, Josaphat Research published a short seller report to Amdocs claiming, among other things, that Amdocs had overvalued its profits, which is reflected in stable parent profits despite falling subsidiary profits. that there has been a worrying pattern of reputable accountants resigning only to be replaced by “scandalous or tiny shops”; that Amdocs has “windowed” its balance sheets to keep its large borrowing a secret, namely by paying off its debts just before the end of each quarter and therefore presenting a debt-free balance sheet that day before going back to borrowing money shortly thereafter; and that all of this has been corroborated by former employees and direct competitors of the company who found Amdocs was losing AT&T as a customer, as well as a former American Amdocs executive who stated that the company’s US business was declining at a part of [around] 7% annually. . . but then we would see the company [publish results that] say North America is stable. “
In the news, Amdocs common stock price fell $ 9.19 per share, or 11.58%, to close at $ 70.15 per share on March 31, 2021.
The Pomerantz law firm, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading law firms in the fields of corporate, securities and antitrust litigation. Pomerantz Company was founded by the late Abraham L. Pomerantz, dean of class action lawsuits, and pioneered class action lawsuits. Today, more than 80 years later, the Pomerantz company continues its tradition of fighting for the rights of victims of securities fraud, fiduciary violations and corporate misconduct. The company has reclaimed numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980