Poulin | Willey | Anastopoulo Notifies Investors of Xerox Holdings Corporation Pending Class Action Lawsuit with a Lead Plaintiff Deadline of January 21, 2025 – XRX
Poulin | Willey | Anastopoulo, a leading Plaintiffs class action firm announces the filing of a class action securities lawsuit in the United States District Court for the Southern District of New York on behalf of persons or entities who purchased or otherwise acquired the securities of Xerox Holdings Corporation, (“Xerox”” or the “Company”) (NASDAQ:XRX) between January 25, 2024 and October 28, 2024, both dates inclusive (the “Class” and the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 21, 2025.
WHY: If you purchased Xerox securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency arrangement. There is no cost or obligation to participate.
WHAT’S NEXT: To join the Xerox class action, call Stuart J. Guber, Esq. at 803-222-2222 or email Stuart J. Guber, Esq. at stuart.guber@poulinwilley.com. If you wish to serve as a lead plaintiff, you must move the Court no later than January 21, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
CASE DETAILS: According to the Complaint, Case No. 1:24-cv-08809, Xerox and its subsidiaries offer workplace technology that integrates hardware, services, and software for enterprises in the Americas, and internationally.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that, after a large workforce reduction, the Company’s salesforce was reorganized with new territory assignments and account coverage; (2) that, as a result, the Company’s salesforce productivity was disrupted; (3) that, as a result, the Company had a lower rate of sell-through of older products; (4) that the difficulties in flushing out older product would delay the launch of key products; (5) that, as a result, Xerox was likely to experience lower sales and revenue; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
The truth of the effects the Company’s Reinvention began to emerge on April 23, 2024, before the market opened, when the Company revealed that for second quarter 2024, quarterly revenue was down 12.4% year-over-year to $1.50 billion, net loss fell to -$113 million (down $184 million year-over-year), and equipment sales declined 25.8% year-over-year to $290 million. The Company admitted, in part, “geographic simplification” had driven the year-over-year decline and also partially disclosed that the Reinvention plan had been “initially disruptive to sales operations”. On this news, the Company’s share price fell $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 productivity” and that “delays in the global launch of two new products” had led to “sales underperformance.” On this news, the Company’s share price fell $1.79, or 17.41%, to close at $8.49 per share on October 29, 2024, on unusually heavy trading volume.
As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.
NO COST TO YOU: No Recovery, No Attorney’s Fees, No Costs. We represent you on a fully contingent basis. There are no fees or costs to you for your participation in the lawsuit if the lawsuit is unsuccessful.
WHY POULIN | WILLEY| ANASTOPOULO: The firm is one of the leading Plaintiff class action and mass tort firms in the country. Our Director of Shareholder Services and Securities Litigation, Stuart J. Guber, has over three decades of experience successfully representing defrauded shareholders including public pension plans, Taft-Hartley union pension plans and health & welfare funds, and individual investors in class action securities litigation and securities opt-out litigation. In addition, firm partner Roy Willey IV has served as counsel in class actions and multi-district litigations across the country. He brings a creative, problem-solving-based approach to handling cases for consumers, investors and others harmed through no fault of their own. As a result, he has been repeatedly named among America’s Top 100 High Stakes Litigators, Best Lawyers, and Super Lawyers.
Poulin | Willey | Anastopoulo has offices in Florence, Charleston, Ladson, Columbia, Greenville, Lexington, Myrtle Beach, Rock Hill, and Hampton, South Carolina. Charlotte and Lumberton, North Carolina. Atlanta, Albany, Athens, Augusta, Columbus, and Macon in Georgia. Visit RespectResults.com to learn more.