A lawsuit was filed on behalf of investors in Amdocs Limited (NASDAQ:DOX) shares over alleged securities laws violations.
This press release was orginally distributed by SBWire
San Diego, CA — (SBWIRE) — 04/19/2021 — An investor, who purchased shares of Amdocs Limited (NASDAQ: DOX), filed a lawsuit over alleged violations of Federal Securities Laws by Amdocs Limited.
Investors who purchased shares of Amdocs Limited (NASDAQ: DOX) have certain options and for certain investors are short and strict deadlines running. Deadline: June 8, 2021. NASDAQ: DOX investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
Chesterfield, MO based Amdocs Limited, through its subsidiaries, provides software and services to the communications, pay TV, entertainment, and media industry service providers worldwide. Amdocs Limited reported that its Total Revenue declined from over $10.54 billion for the 12 months period that ended on September 30, 2019 to over $9.76 billion for the 12 months period that ended on September 30, 2020.
On January 23, 2019, Spruce Point Capital Management issued a report alleging how Amdocs has “engineered superficial top and bottom-line growth” through “opaque M&A, aggressive percentage-of-completion accounting, software cost capitalization, and repeated one-off net tax benefits.”
On March 31, 2021, Jehoshaphat Research published a short-seller report on Amdocs. In the report, Jehoshaphat alleged, among other things, that “extensive evidence from the national corporate registry filings of dozens of subsidiaries from around the globe” with Amdocs’ public filings and found “widely overstated profit margins” and a “revolving door” of auditors.
The plaintiff claims that between December 13, 2016 and March 30, 2021, the Defendants made false and/or misleading statements and/or failed to disclose that Amdocs overstated its profits, cash, and liquidity, while understating its debt, that Amdocs concealed its large borrowing, that while Amdocs’ reported results showed that its North American business was stable, that business was actually deteriorating annually, in part because the Company was losing AT&T as a customer, and that as a result, the Company’s public statements were materially false and misleading at all relevant times.
Those who purchased shares of Amdocs Limited (NASDAQ: DOX) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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