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Amdocs Limited

Company NameAmdocs Limited
Stock SymbolDOX
Class PeriodDecember 13, 2016 to March 30, 2021
Lead Plaintiff Motion DeadlineJune 08, 2021

On March 31, 2021, before markets opened, Jehoshaphat Research published a report alleging that Amdocs overstated its profits, evidenced by steady parent profits despite declining subsidiary profits. The report also noted there was a concerning pattern of reputable auditors resigning, only to be replaced by "scandal-plagued or tiny shops."  Furthermore, the report alleged that the Company "window-dressed" its balance sheets to keep its large borrowing a secret, and former employees and direct competitors corroborated the findings, including a former American Amdocs executive, who stated, "The US business was declining at a rate of [around] 7% annually . . . but then we would see the company [publish results that] say North America is stable."

On this news, Amdocs’ stock price fell $9.19 per share, or 11.58%, to close at on March 30, 2021 to open at $70.15 on March 31, 2021.

 

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Amdocs overstated its profits, cash, and liquidity, while understating its debt; (2) Amdocs concealed its large borrowing; (3) while Amdocs' reported results showed that its North American business was stable, that business was actually deteriorating annually, in part because the Company was losing AT&T as a customer; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

 

 

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