BOSTON, Sept. 25, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, informs investors that there has been a class action lawsuit filed on behalf of investors who purchased or received shares of DXC Technology Company. (“DXC” or the “Company”) (NYSE: DXC) pursuant and/or traceable to the Company’s April 2017 Registration Statement and Prospectus. The shares in question were issued to investors in connection with a transaction in which Hewlett Packard Enterprise Company’s Enterprise Services segment was spun off and merged with Computer Sciences Corporation, Inc. to form DXC (the “Merger”).
The lawsuit alleges violations of the federal securities laws. Investors interested in serving as lead plaintiff in this matter are required to move for appointment by November 15, 2019 and are encouraged to contact Block & Leviton LLP to learn more.
The complaint, which was filed in the Northern District of California, and captioned Costanzo v. DXC Technology Company., et al, 3:19-cv-05794, alleges that DXC made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, it is alleged that the Defendants, among other things, failed to disclose that the Company were heavily focused on using cost-cutting efforts and layoffs to inflate short-term financial metrics and that these efforts substantially impaired the Company’s ability to deliver contractually required services to clients.
On August 8, 2019, the truth was revealed to the market when the Company lowered its fiscal 2020 guidance, expecting a $500 million shortfall from previously issued guidance. The market reacted harshly to the news, with DXC’s stock price plunging $15.74, or over 30%, to close at $35.91 per share on August 9, 2019
If you purchased or otherwise acquired DXC securities pursuant to and/or traceable to the Prospectus, and have questions about your legal rights, or possess information relevant to this investigation, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at mark@blockesq.com, or by visiting https://shareholder.law/dxc.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for investor recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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CONTACT:
BLOCK & LEVITON LLP
Mark Delaney
(617) 398-5600 phone
260 Franklin Street, Suite 1860
Boston, MA 02110
mark@blockesq.com
SOURCE Block & Leviton LLP
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