Did you lose money on investments in Unisys Corporation? If so, please visit Unisys Corporation Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, NY / ACCESSWIRE / November 23, 2022 / Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Unisys Corporation ("Unisys" or the "Company") (NYSE:UIS) between August 3, 2022 and November 7, 2022, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania and alleges violations of the Securities Exchange Act of 1934.
Unisys, together with its subsidiaries, operates as an information technology services company worldwide. The Company operates in Digital Workplace Solutions (DWS); Cloud and Infrastructure Solutions (C&I); and Enterprise Computing Solutions (ECS) segments.
On August 3, 2022, in a press release announcing the Company's Q2 2022 financial results, the Company provided its 2022 financial guidance, stating, in relevant part, that "[r]evenue growth is now expected to be in the range of (1.0)% to 1.0% YoY or in the range of 2.5 to 4.5% in constant currency. The company now anticipates that non-GAAP operating profit margin will be between 7.5 to 9.0% and adjusted EBITDA margin in the range of 16.0 to 17.5%."
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (i) the Company's 2022 financial guidance was significantly inflated; and (ii) material weaknesses existed in the Company's internal control over financial reporting.
On November 7, 2022, post-market close, Unisys issued a press release disclosing that the Company was lowering its previously stated 2022 financial guidance by a significant margin and that it would be "unable to file, without unreasonable effort and expense and within the prescribed time period, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the ‘Form 10-Q')." Specifically, the press release stated that the Company's audit and finance committee "is conducting an internal investigation regarding certain disclosure controls and procedures matters" and that "[f]ollowing the evaluation of the results of the investigation, the Company expects that it may determine that there are one or more material weaknesses in its internal control over financial reporting, which may result in a conclusion that the Company's disclosure controls and procedures and internal control over financial reporting are not effective."
On this news, Unisys's stock price fell $4.33 per share, or 48%, to close at $7.89 per share on November 8, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than January 10, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Unisys securities, and/or would like to discuss your legal rights and options please visit Unisys Corporation Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
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SOURCE: Bernstein Liebhard LLP