DXC Technology Company Class Action Lawsuit - DXC
Case Summary
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The DXC Technology class action lawsuit seeks to represent purchasers or acquirers of DXC Technology Company (NYSE: DXC) common stock between May 26, 2021 and May 16, 2024, inclusive (the “Class Period”). Captioned Roofers’ Pension Fund v. DXC Technology Company, No. 24-cv-01351 (E.D. Va.), the DXC Technology class action lawsuit charges DXC Technology and certain of DXC Technology’s top current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the DXC Technology class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the DXC Technology class action lawsuit must be filed with the court no later than October 1, 2024.
CASE ALLEGATIONS: DXC Technology is an information technology services and consulting company.
The DXC Technology class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that DXC Technology had reduced restructuring and transaction, separation, and integration costs during the Class Period by curbing the company-wide “transformation” and had thereby simply deferred costs that DXC Technology would ultimately need to spend to finally implement the restructuring that it claimed to be successfully addressing during the Class Period.
The DXC Technology class action lawsuit further alleges that on August 3, 2022, DXC Technology revealed that “[o]ur cost optimization efforts have moved at a slower pace than anticipated as we were thoughtfully building our plan.” On this news, the price of DXC Technology stock fell more than 17%, according to the complaint.
Then, on December 20, 2023, the DXC Technology class action lawsuit further alleges that DXC Technology announced that its CEO and Chairman of the Board, defendant Michael J. Salvino, had left DXC Technology, effective December 20, 2023. On this news, the price of DXC Technology stock fell more than 12%, according to the complaint.
Finally, on May 16, 2024, DXC Technology’s new CEO stated that after having “really spent a lot of time operationally looking at our systems, [and] our processes” it was clear that “the previous restructurings did not set a real, clean, solid, fully integrated baseline for profitable growth” because, despite a years-long integration effort, systems were “never integrated, never deduped” but were rather a “number of business processes that got stacked on top of each other; [a] number of legal entities,” according to the DXC Technology class action lawsuit. The complaint alleges that on this news, the price of DXC Technology stock fell nearly 17%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired DXC Technology common stock during the Class Period to seek appointment as lead plaintiff in the DXC Technology class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the DXC Technology class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the DXC Technology class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the DXC Technology class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.