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Class action lawsuit against Infosys dismissed in US
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SME Times News Bureau | 22 May, 2020
Infosys on Friday said that the class action lawsuit filed against the
company in the US has been "voluntarily dismissed" by the plaintiff.
In
October 2019, a class action lawsuit was filed in a United States
District Court against the company and certain of its current and former
officers including the current CEO Salil Parekh, over alleged false and
misleading statements of the company to the market in a bid to boost
short term revenue and profit.
"The complaint, which was filed in
the Eastern District of New York, was brought on behalf of a class
consisting of persons or entities who purchased the Company's publicly
traded securities between July 7, 2018 and October 20, 2019, and alleged
claims for violations of the US federal securities laws. On May 21,
2020, the plaintiff voluntarily dismissed the lawsuit without
prejudice," Infosys said in a regulatory filing.
US-based Schall
Law Firm and Rosen Law Firm had filed the lawsuit over alleged violation
of US federal securities laws on behalf of Infosys shareholders in the
US.
Shares of Infosys surged post the dismissal of the lawsuit.
On the BSE, its shares closed at Rs 692.25, higher by Rs 20.25 or 3.01
per cent from the previous close.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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₹96.5
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₹94.8 |
UK Pound
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Euro
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| Japanese
Yen |
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₹59.45 |
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