Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Faruqi & Faruqi, LLP Securities Litigation Partners James (Josh) Wilson Urges Investors Who Heard Losses Over $75,000 in Xerox (NASDAQ:) to Contact Him Directly to Discuss Their Options
If you have a loss of more than $75,000 per Xerox between January 25, 2024 and October 28, 2024 and you would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live to 877-247-4292 or 212-983-9330 (Ext. 1310).
(You can also click here for more information)
New York, New York–(Newsfile Corp. – January 18, 2025) – Faruqi & Faruqi, LLP, a leading national security law firm, is investigating potential claims against Xerox Holdings Corporation (“Xerox” or the “Company”) (NASDAQ: XRX) and reminds investors of January 21, 2025 deadline seeking the role of lead plaintiff in a federal class action against the Company.
Faruqi & Faruqi is a leading national security law firm with offices in New York, Pennsylvania, California and Georgia. The firm has raised hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As described below, the complaint alleges that the Company and its directors violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that, after ‘a major reduction in staff, the Company’s sales were restructured in new ways. field assignments and account coverage; (2) that, as a result, the Company’s sales proposal was interrupted; (3) that, as a result, the Company had a low rate of sales of old products; (4) that problems with the release of an old product may delay the launch of important products; (5) that, as a result, Xerox would experience lower sales and revenue; and (6) that, as a result of the foregoing, Defendants’ positive statements regarding the Company’s business, operations, and prospects were misleading and/or had no reasonable basis.
On April 23, 2024, before the market opened, the Company disclosed that for the second quarter of 2024, quarterly revenue had decreased by 12.4% year-on-year to $ 1.50 billion, net loss decreased to $ 113 million (down from $184 million a year), and equipment sales fell 25.8% year-on-year to $290 million. The company acknowledged, in part, that “simplification of space” was responsible for the year-over-year decline. The company also partially disclosed that its “Reinvention” initiative was “disruptive to the sales process in the beginning” but assured investors that it “sees the benefits of the new approach.” an activity led by a business unit for the purpose of transporting goods.”
In this news, the Company’s share price fell by $1.66, or 10.11%, to close at $14.76 per share on April 23, 2024, on unusually heavy trading volume.
Then, on October 29, 2024, before the market opened, the Company revealed “lower-than-expected improvements in sales force production” and “delays in global production of two products new” led to “inefficient sales.” The company revealed that for the third quarter of 2024, quarterly revenue fell by 7.5% year-on-year to $1.53 billion, net loss fell to $1.2 billion (down from $1.3 billion a year ago), and sales of equipment decreased by 12.2% year over year. year up to $339 million. In the accompanying earnings call, the company’s Chief Operating Officer, John Bruno, revealed that the product delay was actually a “forecasting problem” where the Company “had expectations that high that we will use the old product” that it needed to “sell.” ” in order to “make those changes.”
In this news, the Company’s share price decreased by $1.79, or 17.41%, to close at $8.49 per share on October 29, 2024, in unusually heavy trading volume.
The lead plaintiff appointed by the court is the investor with the greatest financial interest in the relief sought by a reasonable and common class of class members conducting and overseeing the case on behalf of the putative class. Any member of the arbitration panel may have the Court act as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent panel member. Your ability to participate in any recovery is not affected by the decision to serve as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about Xerox’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Follow us for updates on LinkedIn, on X, or on Facebook (NASDAQ:).
Advertising Attorney. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Preliminary results do not guarantee or predict the same result with respect to any future issue. We welcome the opportunity to discuss your matter. All communications will be held confidentially.
To view the source version of this release, please visit https://www.newsfilecorp.com/release/237482
