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Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against DXC Technology Company (DXC)
DXC TechnologyDXC Technology(US:DXC) GlobeNewswire News Roomยท2024-08-19 16:00

Core Viewpoint - The article discusses a class action lawsuit against DXC Technology Company, highlighting significant stock price declines due to disappointing financial results and management issues, with a deadline for investors to file a lead plaintiff motion by October 1, 2024 [1][8]. Financial Performance - On August 3, 2022, DXC reported disappointing financial results for Q1 FY2023, leading to a stock price drop of $5.37, or 17%, closing at $26.15 per share [3]. - Following the announcement of the CEO's sudden departure on December 20, 2023, DXC's stock fell by $3.04, or 12.1%, to close at $21.99 per share [4]. - On May 16, 2024, the new CEO revealed that previous restructuring efforts were inadequate, requiring an additional $250 million for proper integration, resulting in a stock price decline of $3.36, or 16.9%, to close at $16.52 per share [5]. Allegations in Class Action - The class action complaint alleges that during the Class Period, DXC's management made materially false and misleading statements and failed to disclose adverse facts about the company's operations and prospects [6]. - Specifically, it is claimed that the company deferred necessary costs related to restructuring and transformation, misleading investors about the company's true financial health [6].