Xerox Holdings(US:XRX) Prnewswireยท2024-11-21 15:30Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Xerox Holdings Corporation due to alleged violations of federal securities laws, encouraging affected investors to come forward [2][4]. Group 1: Allegations Against Xerox - The complaint alleges that Xerox and its executives made false or misleading statements and failed to disclose critical information regarding the company's operations and sales performance [4]. - Specific allegations include disruptions in salesforce productivity following a workforce reduction, lower sell-through rates of older products, and delays in launching key products, which collectively suggest a likely decline in sales and revenue [4]. Group 2: Financial Performance - For Q2 2024, Xerox reported a revenue decline of 12.4% year-over-year to $1.50 billion, with a net loss of $113 million, and equipment sales down 25.8% to $290 million [5]. - In Q3 2024, revenue further decreased by 7.5% year-over-year to $1.53 billion, with a significant net loss of $1.2 billion, and equipment sales declined 12.2% to $339 million [6]. - The company attributed these declines to "lower-than-expected improvements in sales force productivity" and "delays in the global launch of two new products" [6]. Group 3: Market Reaction - Following the Q2 2024 announcement, Xerox's share price fell by $1.66, or 10.11%, closing at $14.76 per share [5]. - After the Q3 2024 results were disclosed, the share price dropped by $1.79, or 17.41%, to close at $8.49 per share [6].