LOS ANGELES, CA / ACCESSWIRE / November 25, 2016 / Lundin Law PC, a shareholder rights firms, announces a class action against Xerox Corporation ("Xerox" or the "Company") (XRX) concerning possible violations of federal securities laws. Investors who purchased or otherwise acquired Xerox shares between April 23, 2012 and October 23, 2015 (the "Class Period"), are reminded to contact the firm before the December 23, 2016 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, Xerox repeatedly touted its new software product, Health Enterprise, as an important growth area for the Company, which would operate at low cost and high profit margin. Xerox's statements pertaining to the profitability and growth prospects of the Health Enterprise business were materially false and misleading because Xerox failed to disclose: that the Company's existing Health Enterprise projects were experiencing major delays and cost overruns; that Xerox would be unable to deliver Health Enterprise implementations at sustainable profits; and that as a result of the above, the Company's statements about its business, operations, and prospects lacked a reasonable basis.
On October 26, 2015, Xerox released its third quarter 2015 financial results which were disappointing due to costs associated with the implementation of Health Enterprise and the termination of Health Enterprise contracts with two state agencies. When this news was disclosed, shares of Xerox fell in value, causing investors harm.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE: Lundin Law PC