The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Unisys Corporation (UIS)
The Law Offices of Frank R. Cruz reminds investors of the upcoming January 10, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Unisys Corporation ("Unisys" or the "Company") (NYSE: UIS) securities between August 3, 2022 and November 7, 2022, inclusive (the "Class Period").
If you are a shareholder who suffered a loss, click here to participate.
On November 7, 2022, Unisys disclosed that it would not be able to timely file its third quarter 2022 financial results due to an internal investigation regarding "certain disclosure controls and procedures matters, including, but not limited to, the dissemination and communication of information within certain parts of the organization." The Company stated that it expects that the results of the investigation may determine that there are "one or more material weaknesses" in its internal control over financial reporting.
On this news, Unisys's stock price fell $4.33, or 48%, to close at $7.89 per share on November 8, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company's 2022 financial guidance was significantly overstated; (2) accordingly, once the truth was revealed, it was likely that the Company would be required to negatively revise its 2022 financial guidance; (3) in addition to the foregoing, material weaknesses existed in the Company's internal control over financial reporting; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Unisys securities during the Class Period, you may move the Court no later than January 10, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230109005787/en/
SOURCE: The Law Offices of Frank R. Cruz
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz, 310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
COMTEX_422382855/1006/2023-01-09T13:56:00