Xerox Holdings Corporation Class Action Lawsuit - XRX
Case Summary
Investors who suffered a loss and would like to learn more, click here to contact us.
The Xerox class action lawsuit seeks to represent purchasers or acquirers of Xerox Holdings Corporation (NASDAQ: XRX) securities between January 25, 2024 and October 28, 2024, inclusive (the “Class Period”). Captioned Wilson v. Xerox Holdings Corporation, No. 24-cv-08809 (S.D.N.Y.), the Xerox class action lawsuit charges Xerox and certain of Xerox’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Xerox 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 Xerox class action lawsuit must be filed with the court no later than January 21, 2025.
CASE ALLEGATIONS: Xerox operates as a workplace technology company that integrates hardware, services, and software for enterprises.
The Xerox class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) after a large workforce reduction, Xerox’s salesforce was reorganized with new territory assignments and account coverage; (ii) as a result, Xerox’s salesforce productivity was disrupted; (iii) consequently, Xerox had a lower rate of sell-through of older products; (iv) the difficulties in flushing out older product would delay the launch of key products; and (v) as a result, Xerox was likely to experience lower sales and revenue.
The Xerox class action lawsuit further alleges that on April 23, 2024, Xerox revealed that for the first quarter of 2024, quarterly revenue was down 12.4% year-over-year to $1.50 billion, net loss fell to -$113 million, and equipment sales declined 25.8% year-over-year to $290 million. Xerox admitted, in part, “geographic simplification” had driven the year-over-year decline and partially disclosed that its reinvention plan had been “initially disruptive to sales operations” but assured investors it was “seeing the benefits of the new business unit-led operating model in equipment order momentum,” according to the complaint. The Xerox class action lawsuit alleges that on this news, the price of Xerox stock fell more than 10%.
Then, on October 29, 2024, the Xerox class action lawsuit alleges that Xerox revealed “lower-than-expected improvements in sales force productivity” and a “delay in the global launch of two new products” had led to “sales underperformance,” and further disclosed that for the third quarter of 2024, quarterly revenue was down 7.5% year-over-year to $1.53 billion, net loss fell to -$1.2 billion, and equipment sales declined 12.2% year-over-year to $339 million. On this news, the price of Xerox stock fell more than 17%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Xerox securities during the Class Period to seek appointment as lead plaintiff in the Xerox 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 Xerox class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Xerox class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Xerox 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.