NEW YORK, Oct. 28, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Xerox Corporation ("Xerox" or the "Company") (NYSE: XRX) of the December 23, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Xerox stock or options between April 23, 2012 to October 23, 2015 (the "Class Period"). The case, Oklahoma Firefighters Pension and Retirement System v. Xerox Corporation, No. 16-cv-08260 was filed on October 21, 2016, and has been assigned to Judge Paul A. Engelmayer.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by providing misleading statements about the profitability and growth prospects of the Health Enterprise business, a software management solution designed to assist state agencies administer their respective Medicaid programs.
Specifically, on October 22, 2014, after months of touting Health Enterprise business as an important growth area for the Company, Xerox announced disappointing financial results for the third quarter ended September 30, 2014. The Company cited lower than expected margins on high expense levels incurred on the protracted implementation of its existing Health Enterprise projects as the reason for disappointing margins. After the announcement, Xerox's share price fell.
Then, on April 24, 2015, Xerox announced financial results for the first quarter ended March 31, 2015, which included disappointing margins due to the continued implementation of existing Health Enterprise projects. On this news, Xerox's share price declined.
Finally, on October 26, 2015, Xerox released third quarter 2015 financial results that missed analysts' estimates due in part due to a $385 million pre-tax charge and lost revenues relating to assets and unrecoverable costs associated with its Health Enterprise implementation projects and the termination of Health Enterprise's California and Montana projects. After the financial results became available to the market, Xerox's share price fell further.
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If you invested in Xerox stock or options between April 23, 2012 to October 23, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/XRX. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Xerox's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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