38.6c New Delhi, India, Thursday, March 28, 2024
International

Class Action Lawsuit Filed Against Infosys for violations of US Federal Laws Dismissed in US Court

By Parth Thummar      05 June, 2020 10:45 AM      0 Comments
Class Action Lawsuit Filed Against Infosys

Infosys had on May 22, 2020, announced that a class-action lawsuit filed against it and some of its employees in the United States District Court had been dismissed.

The complaint, which was filed in the Eastern District of New York, was brought on behalf of a class consisting of persons or entities who had purchased the Company’s publicly traded securities between July 7, 2018, and October 20, 2019, and alleged claims for violations of the US federal securities laws. On May 21, 2020, the plaintiff had voluntarily dismissed the lawsuit without prejudice," Infosys said in a statement.

After receiving the whistle-blower complaint, Infosys had started an internal probe into the matter and roped in external investigators. In January 2020, Infosys had said that its audit committee had found no evidence of financial impropriety or executive misconduct, virtually giving a clean chit to CEO Salil Parekh and CFO Nilanjan Roy who were accused by anonymous whistle-blowers of rigging the company's balance sheet.

The Schall Law Firm, a shareholder rights litigation firm based in Los Angeles, had filed the complaint alleging that CEO Salil Parekh had skipped standard reviews of large deals to avoid accounting scrutiny. It was also alleged that the company's finance team was pressured to hide details of these deals and other accounting matters from auditors and the company's Board of Directors.

Infosys Limited is a global multinational corporation that provides business consulting, information technology, and outsourcing services. It is headquartered in Bangalore, Karnataka, India. Infosys is touted as the second-largest Indian IT company after Tata Consultancy Services.



Share this article:



Leave a feedback about this
TRENDING NEWS

delhi-high-court-warns-against-aaps-call-for-protest-in-court-premises-amid-kejriwal-arrest
Trending Judiciary
Delhi High Court Warns Against AAP's Call for Protest in Court Premises Amid Kejriwal Arrest

Delhi High Court warns Aam Aadmi Party's Legal Cell of severe action for any protest in Delhi Courts against Arvind Kejriwal's arrest.

27 March, 2024 05:57 PM
afspa-centre-planning-to-pull-back-troops-from-jammu-and-kashmir
Trending News Updates
AFSPA: Centre planning to pull back troops from Jammu and Kashmir?

Central government will consider revoking the Armed Forces (Special Powers) Act in Jammu and Kashmir. Here's what Union Home Minister Amit Shah said on the matter.

27 March, 2024 06:51 PM

TOP STORIES

global-entertainment-giants-warner-bros-netflix-amazon-get-relief-from-delhi-hc-in-copyright-protection-case
Trending Business
Global entertainment giants Warner Bros, Netflix, Amazon get relief from Delhi HC in copyright protection case

Delhi HC grants relief to global entertainment giants like Netflix, Amazon, Warner Bros, ordering takedown of copyrighted content on rogue websites.

22 March, 2024 12:13 PM
arvind-kejriwal-arrested-can-cm-administer-a-region-while-being-in-jail
Trending Top Stories
Arvind Kejriwal Arrested | Can CM administer a region while being in jail?

Will President's rule be imposed in Delhi after Kejriwal’s arrest? Read the full article to know more.

22 March, 2024 03:16 PM
merely-because-you-are-politician-cant-bypass-statutory-remedies-procedure-sc-refuses-to-consider-bail-by-kavitha
Trending Judiciary
'Merely because you are politician, can't bypass statutory remedies, procedure,' SC refuses to consider bail by Kavitha

Supreme Court denies bail to politician Kavitha in Delhi Liquor Policy Scam; ED alleges Rs 100 crore illegal gratification.

22 March, 2024 03:34 PM
ponmudi-to-be-sworn-in-as-minister-tn-governor-relents-before-sc
Trending Judiciary
Ponmudi to be sworn in as Minister, TN Governor relents before SC

Tamil Nadu Governor relents to Supreme Court's order, agrees to swear in DMK leader K Ponmudi as Minister after court's rap.

22 March, 2024 03:54 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email