NEW YORK, June 2, 2020 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of DXC Technology Company. ("DXC" or the "Company") (NYSE: DXC) resulting from allegations that DXC might have issued misleading information to the investing public.
If you purchased DXC securities, and/or would like to discuss your legal rights and options please visit DXC Shareholder Investigation or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
On May 28, 2020, the Company issued its fourth quarter and full-year fiscal 2020 financial results. In its press release the Company reported fourth-quarter revenue of $4.82 billion which was down 8.8% year over year and earnings per share of $(15.00). They also announced that the Company would be taking a $3.8 billion goodwill impairment.
After the market had closed the Company hosted an earnings call to discuss their results. On that call Mike Salvino, the Company's CEO and president, stated that the Company's revenue run-off was "due to suboptimal customer delivery and weakening customer relationships. As a result, we lost roughly $1 billion of revenue in FY '20 and expect to lose a similar amount in FY '21 from price downs and terminations decisions made by customers in the last 12 to 18 months."
On this news, DXC's stock price fell sharply to close at $14.21 per share, a decline of approximately 14% on May 29, 2020.
If you purchased DXC securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/dxctechnologycompany-dxc-shareholder-class-action-lawsuit-securities-fraud-275/apply/ contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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