US-based Schall Law Firm has said it will file a class action lawsuit against Infosys Ltd to recover losses suffered by investors in the wake of allegations of “unethical practices” at the Indian IT major.
In October, Infosys had informed the stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management.
US market regulator SEC has also initiated a probe on the matter, while Rosen Law Firm had said it was preparing a class action lawsuit to recover losses suffered by Infosys investors in the US.
“The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Infosys Ltd for violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the US Securities and Exchange Commission,” a statement said.
It asked investors who had purchased the company’s securities between July 7, 2018 and October 20, 2019, inclusive (class period), to contact the firm before December 23, 2019.
