Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Conduent, Inc. (Conduent or the Company) (NYSE: CNDT) securities between February 21, 2018 and November 6, 2018, inclusive (the Class Period). Conduent investors have until May 7, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Conduent investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On November 7, 2018, Conduent attributed its negative Q3 and Q4 projected operating results to continued suboptimal performance from an inherited legacy technology vendor¦stem[ming] from the vendors inability to deliver on service level agreements, lack of responsiveness to Conduents needs, and poorly structured contract which [the Company] inherited. The Company also disclosed that an outdated and historically under-invested legacy IT infrastructure has caused major disruptions to our operations and impacted clients and delivery performance. On this news, shares of Conduent fell $5.60, or 29%, to close at $13.62 on November 7, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Companys business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Conduent had misled investors in representing that as of February 2018, it had fixed efficiency issues caused by the company operating on various information resource platforms; (2) those representations being noted as false per the November 7, 2018 admissions made by Conduent that it was continuing to have issues regarding its outdated legacy IT infrastructure.
If you purchased shares of Conduent, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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