India's Infosys says US investigates staff documents 04/22 08:37 AM
MUMBAI, April 22 (Reuters) - Infosys (INFY:$46.65,00$-0.48,00-1.02%) , India's No. 2 software services exporter, is under scrutiny from the U.S. Department of Homeland Security for likely errors in employer eligibility documents of its staff working in the United States, the company said in a statement.
The Department of Homeland Security (DHS) is reviewing the employer eligibility verifications on Form I-9, said Nasdaq-listed Infosys (INFY:$46.65,00$-0.48,00-1.02%) in an April 18 filing on the U.S. Securities and Exchange Commission (SEC).
"In connection with this review, we have been advised that the DHS has found errors in a significant percentage of our Forms I-9 that the Department has reviewed," Infosys (INFY:$46.65,00$-0.48,00-1.02%) said in the SEC filing.
If the DHS concludes that the Forms I-9, used to verify the authorisation of employees to work in the U.S., contains errors it is likely to impose fines and penalties, the company said.
In January, Infosys (INFY:$46.65,00$-0.48,00-1.02%) said it was being investigated in Texas over its sponsorship and use of short-term U.S. business visas.
Jack Palmer, a company employee, has reportedly accused Infosys (INFY:$46.65,00$-0.48,00-1.02%) of misusing the B1 visas to send employees from India to the U.S., its largest export market. Infosys (INFY:$46.65,00$-0.48,00-1.02%) has denied the reports.
Infosys (INFY:$46.65,00$-0.48,00-1.02%) said it could not estimate any loss it might incur from "unfavourable outcomes" related to the ongoing investigation and review.
"In the event that any government undertakes any actions which limit any visa program that we utilize, or imposes sanctions, fines or penalties on us or our employees, this could materially and adversely affect our business and results of operations," the company added.
I guess it's the big dot on your head that is preventing you from seeing that for over 18 months
1. Lots of stories about reshoring (bringing jobs
back to the developed world have been everywhere
2. The margins and growth of the colier sourcing
industry have been on a big decline.
Colier sourcing doesn't work. I had to sit for hours
on a p1 call because some smelly couldn't monitor
the disk space usage on drive containing the archive logs, so the drive filled up and the db
crashed leaving 1000's of patients stuck in doc's
offices. Yeah I would short that as the hmo 86's
But with today's cloud based constantly evolving
tech platform doesn't play to the colier sourcers
biz model of cut rate no talent nor experience
smellies. The bar of entry is too high for them
to front that they can function.
Then there's the whole issue of the long low hanging stink being the enemy of the west. As the
iran embargo deadline nears pressure will increase
on baraq to make stinky land pay for it's support
of iran. The best way would be to go after the
massive visa fraud that has occurred over the last dozen + yrs.
We should see teens late this year.
"This industry is in it's death spiral."
wrong again. have to blame it on your poor understanding of the business model (or maybe your hatred is affecting your judgement). All major companies including IBM, MSFT, Orcl, Acc and several other copycat companies have begun using this model to maintain margins and improve earnings. IBM has 50k+ ppl working overseas traveling in and out using the H and L visas. Are you saying I have to go short IBM. shut up.
And these companies are not going to give a squat about whatever your measure is (if one really exists) so you can stay assured that your papers are already in the toilet.
Tech companies have a bullish future. Infact, they are the future.
Thanks for the post.
For sometime time I've been saying that at
50K fine for hiring an illegal colier and
and 25% confirmed by USA gov't fraud rate,
and 65-200K/yr smellies dumped here and
the fines run into the billions.
But once the case has been won by this hero
the blood will be in the water and big name
lawyers like the ones that won against the
tobbaco firms will do a giant class action
against the colier sourcing industry and their clients for all the losses suffered by their displaced developed world victims
will run in the hundreds of billions.
hundreds of billions in your dreams. ever heard what GS paid SEC for settling the fraud case on raking up 1.5 trillion shorting the US market in 2008/09? a few million dollars (yes, million with an m).
This is a quality stock with a momentary pullback.
And as you waste your time ranting on the message board, the institutions are piling up at a cheaper price. follow the options activity if you know how to read it, you stupid mofo.