|Company Name||Amdocs Limited|
On January 23, 2019, Spruce Point Capital Management published a report alleging that Amdocs “engineered superficial top and bottom-line growth” through “opaque M&A, aggressive percentage-of-completion accounting, software cost capitalization, and repeated one-off net tax benefits.” On this news, shares of Amdocs fell $5.41, or nearly 9%, to close at $55.06 on January 23, 2019, thereby injuring investors.
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