DOX INVESTORS ACT NOW: Contact HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, to Recover Losses Due to Alleged Securities Fraud
SAN FRANCISCO, May 13, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Amdocs Limited (NASDAQ: DOX) investors with significant losses to submit your losses now.
Class Period: Dec. 13, 2016 â Mar. 30, 2021
Lead Plaintiff Deadline: June 8, 2021
Visit: www.hbsslaw.com/investor-fraud/dox
Contact an Attorney Now: DOX@hbsslaw.com
844-916-0895
Amdocs Limited (NASDAQ: DOX) Securities Fraud Class Action:
The complaint alleges that Defendants misrepresented and omitted material facts, including that: (i) Amdocs overstated its profits, cash, and liquidity, while understating its debt; (ii) Amdocs concealed its large borrowing; (iii) while Amdocsâ reported results showed that its North American business was stable, that business was actually deteriorating annually, in part because the Company was losing AT&T as a customer; and (iv) as a result, the Companyâs public statements were materially false and misleading at all relevant times.
The Complaint alleges that on Mar. 31, 2021, the truth emerged when Jehoshaphat Research published a scathing report entitled, âWhere Did Amdocsâ Profits And Auditors Go?â, concluding that Amdocs is âa massive financial deceptionâ and âthe stock is uninvestable.â
Based on a review of Amdocs international subsidiariesâ filings overseas, Jehoshaphat claims Amdocs has overstated profits by as much as 50%, that its reported profit margins are âwildlyâ inflated, and approximately 1/3 of Amdocsâ stated cash is unavailable for use. Jehoshaphat reported that former employee and direct competitor interviews confirmed its findings that Amdocs âhas been losing business for years but has made up for these losses by inflating financials, sometimes to a point beyond recognition by the country managers.â Jehoshaphat also raised concerns about the Company subsidiariesâ auditor resignations during the last two years.
In response, the price of Amdocs shares fell over 11% on Mar. 31, 2021, wiping out hundreds of millions of dollars of shareholder value.
âWeâre focused on investorsâ losses and proving Amdocs cooked its books,â said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are an Amdocs investor and have significant losses, or have knowledge that may assist the firmâs investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Amdocs 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 DOX@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 844-916-0895