SAN FRANCISCO, CA / ACCESSWIRE / November 25, 2022 / Hagens Berman urges Unisys Corporation (NYSE:UIS) investors who suffered significant losses to submit your losses now.
Class Period: Aug. 3, 2022 - Nov. 7, 2022
Lead Plaintiff Deadline: Jan. 10, 2023
Contact An Attorney Now: [email protected]
Unisys Corporation (NYSE:UIS) Securities Fraud Class Action:
On Aug. 3, 2022, Unisys announced glowing Q2 2022 financial results, assured investors that its internal controls over financial reporting had not changed and continued to be effective, and provided optimistic FY 2022 financial guidance.
According to the complaint, Defendants' statements were false and misleading by failing to disclose: (1) Unisys' FY 2022 financial guidance was significantly overstated; (2) accordingly, once the truth was revealed, it was likely that the company would be required to negatively revise its guidance; and, (3) in addition to the foregoing, material weaknesses existed in the company's internal control over financial reporting.
The truth emerged on Nov. 7, 2022, when Unisys reported a widened third-quarter loss, slashed the financial guidance it gave just a few months earlier, and disclosed an internal investigation that prevented the Company from filing its audited financial results with the SEC. The company stated that its Audit Committee is conducting an internal investigation "regarding certain disclosure controls and procedures matters, including, but not limited to, the dissemination and communication of information within certain parts of the organization." The company further stated that "it may determine that there are one or more material weaknesses in its internal control over financial reporting[.]"
This news sent the price of Unisys shares crashing 48% lower in a single trading day.
"We're focused on investors' losses and proving Unisys violated its disclosure obligations," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Unisys and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Unisys should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP