Workflow
Faruqi & Faruqi Reminds XEROX Therapeutics Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of January 21, 2025 - XRX
XRXXerox Holdings(XRX) Prnewswire·2024-11-30 16:13

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Xerox Holdings Corporation due to alleged violations of federal securities laws, encouraging affected investors to come forward [2][4]. Group 1: Legal Investigation and Class Action - The law firm is urging investors who suffered losses exceeding 75,000inXeroxbetweenJanuary25,2024,andOctober28,2024,todiscusstheirlegaloptions[1].−AfederalsecuritiesclassactionhasbeenfiledagainstXerox,withadeadlineofJanuary21,2025,forinvestorstoseektheroleofleadplaintiff[2][7].−Thefirmhasahistoryofrecoveringhundredsofmillionsofdollarsforinvestorssinceitsestablishmentin1995[3].Group2:AllegationsAgainstXerox−ThecomplaintallegesthatXeroxanditsexecutivesmadefalseormisleadingstatementsandfailedtodisclosecriticalinformationregardingthecompany′soperationsandsalesperformance[4].−Specificallegationsincludedisruptionsinsalesforceproductivityduetoaworkforcereductionandalowerrateofsell−throughofolderproducts,whichimpactedsalesandrevenue[4].−Thecompanyadmittedthatits"Reinvention"planwasinitiallydisruptivetosalesoperations,contributingtoadeclineinquarterlyrevenueandequipmentsales[5].Group3:FinancialPerformance−ForQ22024,Xeroxreporteda12.475,000 in Xerox between January 25, 2024, and October 28, 2024, to discuss their legal options [1]. - A federal securities class action has been filed against Xerox, with a deadline of January 21, 2025, for investors to seek the role of lead plaintiff [2][7]. - The firm has a history of recovering hundreds of millions of dollars for investors since its establishment in 1995 [3]. Group 2: Allegations Against Xerox - The complaint alleges that Xerox and its executives made false or misleading statements and failed to disclose critical information regarding the company's operations and sales performance [4]. - Specific allegations include disruptions in salesforce productivity due to a workforce reduction and a lower rate of sell-through of older products, which impacted sales and revenue [4]. - The company admitted that its "Reinvention" plan was initially disruptive to sales operations, contributing to a decline in quarterly revenue and equipment sales [5]. Group 3: Financial Performance - For Q2 2024, Xerox reported a 12.4% year-over-year decline in revenue to 1.50 billion, with a net loss of 113million[5].−InQ32024,revenuefurtherdeclinedby7.5113 million [5]. - In Q3 2024, revenue further declined by 7.5% year-over-year to 1.53 billion, with a significant net loss of $1.2 billion [6]. - Equipment sales also saw a decline, with a 25.8% drop in Q2 and a 12.2% drop in Q3 compared to the previous year [5][6].