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Cases & Investigations
Conduent, Inc. Securities Litigation

Type: Resolved Cases

Case Number: 2:19-cv-08237

Class Period: February 21, 2018 to November 6, 2018

Defendant(s): Conduent Inc.

Stock Symbol: NASDAQ: CNDT

Court: United States District Court for the District of New Jersey

Claim Deadline: 05/19/2023

Settlement Website: https://www.conduentsecuritieslitigation.com/

Settlement Amount: $32,000,000

In re Conduent Inc. Securities Litigation

 
Wolf Popper was counsel to lead plaintiff the Employees’ Retirement System of the Puerto Rico Electric Power Authority and additional counsel to the proposed Class in the securities class action brought against Conduent Inc., its CEO Ashok Vermuri, and its CFO Brian Webb-Walsh, in the United States District Court for the District of New Jersey.
 
The Amended Complaint alleges, among other things, that the defendants violated the Securities Exchange Act of 1934 by making materially false and misleading statements or failing to disclose material facts concerning Conduent’s progress with the company’s strategic transformation process, specifically that Conduent had addressed problems with its legacy IT infrastructure and IT vendors.
 
On November 7, 2018, defendants revealed that issues caused by the company’s outdated IT infrastructure and suboptimal performance by a legacy IT vendor had materially impacted Conduent’s core tolling business. Consequently, Conduent reported revenue and earnings per share below analysts’ expectations and cut its fiscal year 2018 revenue guidance 2.5% and adjusted EBIDTA guidance 4.4%.  As a result of these revelations, on November 7, 2018, Conduent’s common stock price fell $5.60 per share, or over 29%, to close at $13.62 per share on very heavy volume. 
 
On May 24, 2023, the United States District Court for the District of New granted final approval to the $32 million settlement of the Conduent securities litigation on behalf of the Class consisting of all Persons who purchased Conduent common stock on the open market on a United States stock exchange from February 21, 2018 through November 6, 2018, both dates inclusive, and who were damaged thereby.  For more information, visit www.conduentsecuritieslitigation.com/.

Contact Instructions
Phone: Robert C. Finkel - (212) 451-9620
Phone: Joshua W. Ruthizer - (212) 451-9668
Phone: Philip M. Black - (212) 451-9628
Email: outreach@wolfpopper.com
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