NEW YORK, March 19, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Conduent, Inc. ("Conduent" or the "Company") (NYSE: CNDT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Conduent and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 7, 2018, Conduent disclosed that the Company had suffered reduced third quarter and projected fourth quarter operating results caused by "continued suboptimal performance from an inherited legacy technology vendor." Specifically, Conduent advised investors that "[t]he performance issue stem[s] from the vendor's inability to deliver on level agreements, lack of responsiveness to Conduent's needs, and poorly structured contract which we inherited" and that an "outdated and historically under-invested legacy IT infrastructure has caused major disruptions to our operations and impacted clients and delivery performance."
Following these disclosures, Conduent's stock price fell $5.60 per share, or 29.14%, to close at $13.62 per share on November 7, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP