The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Unisys Corporation (“Unisys” or the “Company”) (NYSE: UIS) securities between August 3, 2022 and November 7, 2022, inclusive (the “Class Period”). Unisys investors have until January 10, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On November 8, 2022, Unisys disclosed that it would not be able to timely file its third quarter 2022 financial results due to an internal investigation regarding “certain disclosure controls and procedures matters, including, but not limited to, the dissemination and communication of information within certain parts of the organization.” The Company stated that it expects that the results of the investigation may determine that there are “one or more material weaknesses” in its internal control over financial reporting.
On this news, Unisys’s stock fell $4.33, or 48%, to close at $7.89 per share on November 8, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company’s 2022 financial guidance was significantly overstated; (2) accordingly, once the truth was revealed, it was likely that the Company would be required to negatively revise its 2022 financial guidance; (3) in addition to the foregoing, material weaknesses existed in the Company’s internal control over financial reporting; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Unisys securities during the Class Period, you may move the Court no later than January 10, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Unisys securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Unisys Corporation (UIS) Investors