Conduent, Inc.
| Company Name | Conduent, Inc. |
| Stock Symbol | CNDT |
| Class Period | February 21, 2018 to November 06, 2018 |
| Lead Plaintiff Motion Deadline | May 07, 2019 |
On November 7, 2018, Conduent attributed its negative Q3 and Q4 projected operating results to “continued suboptimal performance from an inherited legacy technology vendor…stem[ming] from the vendor’s inability to deliver on service level agreements, lack of responsiveness to Conduent’s needs, and poorly structured contract which [the Company] inherited.” The Company also disclosed that an “outdated and historically under-invested legacy IT infrastructure has caused major disruptions to our operations and impacted clients and delivery performance.”
On this news, shares of Conduent fell $5.60, or 29%, to close at $13.62 on November 7, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Conduent had misled investors in representing that as of February 2018, it had fixed efficiency issues caused by the company operating on various information resource platforms; (2) those representations being noted as false per the November 7, 2018 admissions made by Conduent that it was continuing to have issues regarding it’s outdated legacy IT infrastructure.
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