Infosys Limited
Company Name | Infosys Limited |
Stock Symbol | INFY |
Class Period | July 07, 2018 to October 20, 2019 |
Lead Plaintiff Motion Deadline | December 23, 2019 |
On October 21, 2019, Infosys disclosed that it had received whistleblower complaints alleging “unethical practices” by the Company’s management to inappropriately boost short-term revenue and profit. Moreover, the complaints alleged that the Company’s Chief Executive Officer (“CEO”), Salil Parekh, bypassed reviews and approvals of large contracts to avoid accounting scrutiny.
On this news, the Company’s share price fell $1.28, or over 12%, to close at $9.29 per share on October 21, 2019, thereby injuring investors.
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