Oklahoma Firefighters Pension and Retirement System receives legal representation of SEC Whistleblower attorney and files a class action law suit against Xerox Corporation and their executives. Oklahoma Firefighters’ investors claim that from April 2012 through October 2015 the company violated SEC regulations by distributing false and deceptive profitability and growth information pertaining to Health Enterprise’s software product. In 2014, financial disclosures revealed cost overruns, customer complaints, and delays. The corporation lost millions of dollars in capitalized stock with per share dropping by $4. 56 from December 5th, 2014 to October 27, 2015.
Xerox acquired the Health Enterprise software through an acquisition transaction of Affiliated Computer Services in 2010. Xerox purchased Affiliated Computer for $6.4 billion and took full control of the technology product. Oklahoma Firefighters Pension and Retirement System claims Xerox Corporation failed to disclose Health Enterprise developments were experiencing delays and cost overruns; inability to bring profits; and lack of reasonable basis of its operations and prospects.
Respected law firm, Labaton Sucharow LLP filed the securities class action law suit on behalf of Oklahoma Firefighters Pension and Retirement System against Xerox. An investor who purchased Xerox’s common stock between April 23rd, 2012 and October 23rd, 2015 are included in the law suit and may be eligible to seek appointment as lead plaintiff. December 23rd, 2016 is the last day to file motion papers with the United States District Court for the Southern District of NY. Lead plaintiff, a representative appointed by the court is for absent members of the law suit. As an absent member, there is no requirement to seek appointment as lead plaintiff to share in the recovery. Before contacting a SEC Whistleblower lawyer, visit the SEC Whistleblower Advocate website to learn about the program and the rights of investors.
Labaton Sucharow is the first law firm to specialize in SEC Whistleblower legal representation since the new program was established in 2010. The firm is an advocate for representing and protecting whistleblowers exposing misconduct of trading corporations. The whistleblowing program is not only for whistleblowers, but investors, such as Xerox’s investors who received losses on their investments. Investors who invested capital into Xerox’s common stock, contact Francis P. McConville, a representative with Labaton to be considered as lead plaintiff and partake in the lawsuit.