GRABAR LAW OFFICE INVESTIGATES POTENTIAL SHAREHOLDER DERIVATIVE ACTION ON BEHALF OF SHAREHOLDERS OF CONDUENT INCORPORATED (NASDAQ: CNDT)
A Federal court recently denied a motion to dismiss a securities class action against Conduent Incorporated. According to that lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Conduent had misled investors in representing that as of February 2018 the Company had fixed efficiency issues caused by Conduent operating on various information resource platforms; (2) Conduent admitted in November 2018 that its “outdated and historically under-invested legacy IT infrastructure has caused major disruptions to our operations and impacted clients and delivery performance”; and (3) as a result, defendants’ public statements were materially false and misleading at all relevant times.
Current Conduent shareholders who purchased shares of the Company’s stock prior to February 21, 2018, have standing to seek corporate governance reforms, and possibly the return of funds back to company coffers and a court approved incentive award if appropriate.
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