US Court Dismisses Class Action Lawsuit Filed Against IT Major Infosys
Infosys on Friday said a class-action lawsuit filed against the company and some of its employees in the US District Court has been dismissed.
The move comes after whistleblower complaints alleging certain unethical practices by the top management emerged in October last year.
Infosys had disclosed that it had received whistleblower complaints alleging certain unethical practices by the top management. US market regulator Securities and Exchange Commission (SEC) had also investigated the matter.
"The complaint, which was filed in the Eastern District of New York, was brought on behalf of a class consisting of persons or entities who purchased the company's publicly traded securities between July 7, 2018, and October 20, 2019, and alleged claims for violations of the US federal securities laws," Infosys said in a regulatory filing on Friday. It further said that on May 21, 2020, the plaintiff voluntarily dismissed the lawsuit without prejudice.
ALSO READ: Droom to launch contactless commerce services on its platform across India
After receiving the whistleblower complaint, Infosys had started an internal probe into the matter and roped in external investigators.
In January this year, Infosys had said its audit committee had found no evidence of financial impropriety or executive misconduct, virtually giving a clean chit to CEO Salil Parekh and CFO Nilanjan Roy who were accused by anonymous whistleblowers of rigging the company's balance sheet.
In March, Infosys had said the SEC had concluded its investigation on the whistleblower allegations, and that it does not anticipate any further action by the regulator.
The Bengaluru-based company had said it has responded to all the inquiries received from Indian regulatory authorities and that it will continue to cooperate with the authorities if there are any additional requests for information.
Titi Coles Legacy In Finance: Pioneering Diversity And Leadership
Titi Cole, one of the most senior Black women in the world of finance, recently exited her high-profile role at Citi. He... Read more
Rising Rates, Rising Challenges: Bankers Adapt To Serve Troubled Companies In A Changing Economic Landscape
As interest rates climb, troubled companies are facing heightened financial pressures, prompting them to seek assistance... Read more
The Elusive Nature Of Fraud Detection: Exploring The Auditor's Dilemma
In the intricate world of financial reporting, auditors serve as guardians of integrity, tasked with uncovering discrepa... Read more
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more