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The law firm of Robbins Geller Rudman & Dowd LLP announces that the Unisys class action lawsuit seeks to represent purchasers or acquirers of Unisys Corporation (NYSE: UIS) securities between August 3, 2022 and November 7, 2022, inclusive (the “Class Period”). Captioned Strougo v. Unisys Corporation, No. 22-cv-04529 (E.D. Pa.), the Unisys class action lawsuit charges Unisys and certain of its top executives with violations of the Securities Exchange Act of 1934.
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Unisys class action lawsuit must be filed with the court no later than January 10, 2023.
CASE ALLEGATIONS: Unisys, together with its subsidiaries, operates as an information technology services company worldwide.
The Unisys class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Unisys’ 2022 financial guidance was significantly overstated; (ii) accordingly, once this truth was revealed, it was likely that Unisys would be required to negatively revise its 2022 financial guidance; and (iii) in addition to the foregoing, material weaknesses existed in Unisys’ internal control over financial reporting.
On November 7, 2022, Unisys revealed that it was lowering its previously stated 2022 financial guidance by a significant margin and that it would be “unable to file, without unreasonable effort and expense and within the prescribed time period, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.” Specifically, Unisys disclosed that its audit and finance committee “is conducting an internal investigation regarding certain disclosure controls and procedures matters” and that “[f]ollowing the evaluation of the results of the investigation, [Unisys] expects that it may determine that there are one or more material weaknesses in its internal control over financial reporting, which may result in a conclusion that [Unisys’] disclosure controls and procedures and internal control over financial reporting are not effective.” On this news, Unisys’ stock price fell by approximately 48%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Unisys securities during the Class Period to seek appointment as lead plaintiff in the Unisys class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Unisys class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Unisys class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Unisys class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
