Kyndryl (US:KD) TMX Newsfile·2026-03-13 13:36Core Viewpoint - A class action lawsuit has been filed against Kyndryl Holdings, Inc. for allegedly misleading investors through materially misstated financial statements and inadequate internal controls during the Class Period from August 7, 2024, to February 9, 2026 [1][3]. Group 1: Lawsuit Details - The lawsuit claims that Kyndryl failed to disclose significant deficiencies in its internal control environment, which ultimately led to the inability to timely file its Form 10-Q for the quarter ended December 31, 2025 [3]. - The true extent of Kyndryl's internal control and financial reporting issues was revealed on February 9, 2026, when the company filed a Notice of Late Filing and disclosed that its Audit Committee was reviewing cash management practices and that the SEC was investigating these matters [4]. Group 2: Market Reaction - Following the revelations on February 9, 2026, Kyndryl's shares plummeted by 55%, decreasing by $12.90 to a closing price of $10.59 per share [5]. Group 3: Company Background - Kyndryl is an IT infrastructure services company based in New York City [2].