Udayavni Special

US court dismisses class action lawsuit filed against IT major Infosys


PTI, May 22, 2020, 3:30 PM IST

New York: 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.

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.

Top News

Kharge accuses govt of creating man-made calamity amid COVID- 19

8171 more COVID-19 cases, 204 deaths in India

India’s COVID-19 recovery rate improving, fatality rate declining: Govt

Karnataka: 7-days institutional quarantine only for people travelling from Maha

IISc completes ICU-grade ventilator prototype

PM launches portal to help, hand-hold MSMEs

Udupi: Highest single day spike of 73 new COVID-19 cases

Related Articles More

BMW India resumes operations in Chennai plant with 50 pc workforce

Lockdown: Pune based startup to launch online funeral management service

India’s drug regulator grants Gilead Sciences marketing authorisation for remdesivir

No place for hate racism in society: Satya Nadella

Enhancement of MSME’s turnover limit to help exporters

MUST WATCH

Tragedy and chaos: Former MIA director recalls Mangalore Air Crash

Lockdown relaxation: Long queues outside liquor stores in Mangaluru

Indian Coast Guard thank Covid-19 warriors

#WeFeed – Feeding stray animals during lockdown!

Mysuru-origin doctor honoured with parade for her service in treating COVID-19 patients in US

Latest Additions

Moody’s has rated Modi’s handling of India’s economy “step above junk”: Rahul

China delayed releasing COVID-19 info frustrating: WHO

Mangaluru: Orange alert sounded in coastal region

Kerala: Elderly woman killed in robbery bid

DRDO develops ‘Ultra Swachh’ for disinfection of PPEs and other materials

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.