The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of investors who purchased Conduent Incorporated (“Conduent”) (NYSE: CNDT) shares between February 21, 2018 and November 6, 2018.
The complaint alleges that by February 2018, defendants began to represent to investors that Conduent had exited the transformation phase and had cured inefficiencies caused by operating on multiple information resource platforms. However, as demonstrated by defendants’ admissions on November 7, 2018, those representations were false, and Conduent remained mired in inadequate technology and third-party agreements that it had been saddled with upon its divestiture from Xerox.
On a November 7, 2018 conference call, CEO Ashok Vemuri stated “we have had continued suboptimal performance from an inherited legacy technology vendor. The performance issues stem from the vendors inability to deliver on service level agreements, lack of responsiveness to Conduent’s needs, and poorly structured contracts which we inherited.” Vemuri also noted that an “outdated and historically under-invested legacy IT infrastructure has caused major disruptions to our operations and impacted client and delivery performance.”
If you purchased Conduent stock during the class period have until May 7, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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