Faruqi & Faruqi Securities LLP partner James (Josh) Wilson encourages investors who have suffered losses exceeding $75,000 in Xerox Corporation (NASDAQ:) to contact him directly to discuss their options.
If you suffer losses exceeding $75,000 Xerox Between January 25, 2024 and October 28, 2024 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – January 5, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Xerox Holdings Corporation (“Xerox” or the “Company”). (NASDAQ: XRX) and reminds investors of January 21, 2025 deadline For the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated the federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that following a significant workforce reduction, the Company's sales force was being reorganized; With new employees. Land allocations and account coverage; (2) as a result, the productivity of the Company's sales force was disrupted; (3) that as a result, the Company had a lower rate of sale of older products; (4) difficulties in disposing of obsolete products would delay the launch of key products; (5) that as a result, Xerox will likely experience a decline in sales and revenues; and (6) that as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On April 23, 2024, before the market opened, the company revealed that for the second quarter of 2024, quarterly revenue fell 12.4% year over year to $1.50 billion, and net loss fell to -$113 million (down $184 million year over year). . Last year), equipment sales fell 25.8% year over year to $290 million. The company admitted, in part, that it was “geographic simplification” that led to the year-over-year decline. The company also partially disclosed that its “reinvention” plan was “initially disruptive to sales operations” but assured investors that it “sees the benefits of the new business unit-led operating model in equipment order momentum.”
On this news, the Company's stock price fell $1.66, or 10.11%, to close at $14.76 per share on April 23, 2024, on unusually heavy trading volume.
Then, on October 29, 2024, before the market opened, the company disclosed “less than expected improvements in sales force productivity” and “delays in the global launch of two new products” that led to “weak sales performance.” The company revealed that for the third quarter of 2024, quarterly revenue fell 7.5% year over year to $1.53 billion, net loss fell to -$1.2 billion (down $1.3 billion year over year), and equipment sales decreased 12.2% year over year. annual. year to $339 million. In an interview earnings call, John Bruno, the company's chief operating officer, revealed that the product delay was actually a “forecasting problem” as the company had “higher expectations that we would use the older product” that it needed to “sell through.” In order to “make those transitions.”
On this news, the Company's stock price fell $1.79, or 17.41%, to close at $8.49 per share on October 29, 2024, on unusually heavy trading volume.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Xerox's conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236035
