Globe Newswire 15-Mar-2019 3:40 PM
NEW YORK, March 15, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Conduent, Inc. ("Conduent" or the "Company") (NYSE:CNDT) of the May 7, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Conduent stock or options between February 21, 2018 and November 6, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/CNDT. There is no cost or obligation to you.
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 email@example.com.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Conduent common shares between February 21, 2018 and November 6, 2018 (the "Class Period"). The case, Employees Retirement System of the Puerto Rico Electric Power Authority v. Conduent, Inc. et al., No. 19-cv-08237 was filed on March 8, 2019, and has been assigned to Judge Susan D. Wigenton.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading representations to investors regarding the Company's ‘transformation phase' and whether it had cured inefficiencies caused by operating on multiple information resource platforms.
On November 7, 2018, Conduent issued a press release announcing its third quarter 2018 results in which earnings per share missed Wall Street estimates by 1.4% and revenues missed by 2.8%. The Company also lowered fiscal 2018 revenue guidance 2.5%, lowered adjusted EBITDA [earnings before interest taxes depreciation and amortization] guidance 4.4% and lowered adjusted free cash flow guidance by 12.8%.
On this news, the Company's stock price fell from $19.22 per share on November 6, 2018 to $13.62 per share on November 7, 2019—a $5.60 or 29.14% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who 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 to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Conduent's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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