San Francisco, Calif .– (Newsfile Corp. – April 11, 2021) – Hagens Berman urges Amdocs Limited (NASDAQ: DOX) investors with significant losses to file their losses now.
Course period: December 13, 2016 – March 30, 2021
Lead plaintiff deadline: June 8, 2021
Contact an attorney now: [email protected]
Amdocs Limited (NASDAQ: DOX) class action lawsuit against securities fraud:
The complaint alleges that the defendants misrepresented and omitted essential facts including: (i) Amdocs overestimated its profits, cash and liquidity while underestimating its debts; (ii) Amdocs has kept silent about its large borrowing; (iii) While the results reported by Amdocs showed that North American business was stable, business actually deteriorated annually, in part because the company lost AT&T as a customer; and (iv) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
The complaint alleges that on March 31, 2021, the truth was revealed when Josaphat Research issued a damning report entitled “Where Did Amdocs Profits and Auditors Go?” Posted who concluded that Amdocs is “a massive financial sham” and “the stock is” non-investable. “
Based on a review of Amdocs international filings overseas, Jehoshaphat claims Amdocs overestimated profits by up to 50%, reported profit margins are “wildly” inflated, and about 1/3 of Amdocs reported cash is not available for use. Josaphat reported that surveys of former employees and direct competitors confirmed his findings that Amdocs “has been losing business for years but has made up for those losses by puffing up financial data, sometimes to a point that is no longer recognized by country managers”. Josaphat also raised concerns about the resignation of the auditors of the company’s subsidiaries over the past two years.
In response, Amdocs stock fell over 11% on March 31, 2021, wiping out hundreds of millions of dollars in shareholder value.
The story goes on
“We’re focusing on investor losses and proving that Amdocs has boiled up its books,” said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are an Amdocs investor and are experiencing significant losses or have knowledge that may aid the company’s investigation, click here to discuss your statutory rights with Hagens Berman.
Whistleblowers: Individuals with nonpublic information about Amdocs should review their options to help with the investigation or use the SEC whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. For more information, call Reed Kathrein at 844-916-0895 or send an email to [email protected]
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The source version of this press release can be found at https://www.newsfilecorp.com/release/80081