Unisys Class Action Lawsuit UIS | Deadline January 10, 2023
Unisys Class Action Lawsuit (UIS Lawsuit)
A lawsuit has been filed in the Eastern District of Pennsylvania against Unisys Corporation, (UIS:NYSE) as the Company’s 2022 financial guidance was significantly overstated. UIS stock fell 48%.
What is the Unisys Class Action Lawsuit About?
The Unisys Class Action Lawsuit (NYSE:UIS) (Unisys Class Action Lawsuit) was filed when after the market closed on August 3, 2022, in a press release announcing the Company’s Q2 2022 financial results, the Company provided its 2022 financial guidance, stating, in relevant part, “revenue growth is now expected to be in the range of (1.0)% to 1.0% YoY or in the range of 2.5 to 4.5% in constant currency. The company now anticipates that non-GAAP operating profit margin will be between 7.5 to 9.0% and adjusted EBITDA margin in the range of 16.0 to 17.5%.”
Is There A Unisys Class Action Lawsuit?
On November 7, 2022, post-market, Unisys issued a press release disclosing that the Company was lowering its previously stated 2022 financial guidance by a significant margin and that it would be “unable to file, without unreasonable effort and expense and within the prescribed time period, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the ‘Form 10-Q’).”
Specifically, the press release stated that the Company’s audit and finance committee “is conducting an internal investigation regarding certain disclosure controls and procedures matters” and that “following the evaluation of the results of the investigation, the Company expects that it may determine that there are one or more material weaknesses in its internal control over financial reporting, which may result in a conclusion that the Company’s disclosure controls and procedures and internal control over financial reporting are not effective.”
On this news, Unisys’s stock price fell $4.33 per share, or 48%, to close at $7.89 per share on November 8, 2022.
Is There A Deadline For The UIS Lawsuit?
Shareholders who held UIS stock price fell $4.33 per share, or 48%, to close at $7.89 per share on November 8, 2022.
What Is The Unisys Lawsuit Complaint?
A UIS class action lawsuit (Unisys Corporation Class Action Lawsuit) has been filed on behalf of investors who purchased Unisys Class Action Lawsuit (UIS) securities between August 3, 2022 – November 7, 2022, inclusive. For more on the UIS Lawsuit please contact us today.
According to the Unisys lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(i) the Company’s 2022 financial guidance was significantly overstated;
(ii) accordingly, once the truth was revealed, it was likely that the Company would be required to negatively revise its 2022 financial guidance;
(iii) in addition to the foregoing, material weaknesses existed in the Company’s internal control over financial reporting; and
(iv) as a result of all of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in UIS, you have until January 10, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Securities Class Action Attorneys
Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
What Is The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired UIS securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The UIS class-action lawsuit is directed by the lead plaintiff. To litigate the Unisys Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the UIS Class Action Lawsuit.
What Does UIS Do?
Unisys Corporation, together with its subsidiaries, operates as an information technology services company worldwide. It operates in Digital Workplace Solutions (DWS); Cloud and Infrastructure Solutions (C&I); and Enterprise Computing Solutions (ECS) segments.
The DWS segment provides solutions that transform digital workplaces securely and create exceptional end-user experiences. The C&I segment offers solutions that drive modern IT service platforms, cloud applications development, intelligent services, and cybersecurity services.
The ECS segment provides solutions that harness secure, continuous high-intensity computing, and enable digital services through software-defined operating environments.
Its solutions include Unisys InteliServe, a service solution that transforms traditional service desk into an intelligent, user-centric experience aligned with the needs of the modern digital workplace; Unisys CloudForte, a comprehensive managed service offering to help accelerate the secure move of data and applications to the cloud; PowerSuite, a packaged software tool used by enterprise IT to monitor, analyze, troubleshoot and secure collaboration, and communications multi-platform environments; Unisys ClearPath Forward, a software operating environment for high-intensity enterprise computing; and Unisys Stealth security software, which enables trusted identities to access micro-segmented critical assets and safely communicate through secure and encrypted channels.
In addition, the company provides industry solutions, which help law enforcement agencies solve crime; social services case workers assist families; travel and transportation companies manage freight and distribution; and financial institutions deliver omnichannel banking. It serves customers in the government, financial services, and commercial markets through direct sales force, distributors, resellers, and alliance partners.
Unisys Corporation was founded in 1886 and is based in Blue Bell, Pennsylvania.