NEW YORK, Dec. 3, 2024 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Xerox Holdings Corporation (“Xerox” or the “Company”) (NASDAQ: XRX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Xerox and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until January 18, 2025, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Xerox securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On April 23, 2024, Xerox revealed that for the second quarter of 2024, quarterly revenue was down 12.4% year-over-year to $1.50 billion, net loss fell to –$113 million (down $184 million year-over-year), and equipment sales declined 25.8% year-over-year to $290 million. Xerox attributed the year-over-year decline, in part, to “geographic simplification” acknowledged that the Company’s touted “Reinvention” plan had been “initially disruptive to sales operations”.
On this news, Xerox’s stock price fell $1.66 per share, or 10.11%, to close at $14.76 per share on April 23, 2024.
Then, on October 29, 2024, Xerox disclosed “lower-than-expected improvements in sales force productivity” and that “delays in the global launch of two new products” had led to “sales underperformance.” Xerox also disclosed that for the third quarter of 2024, quarterly revenue was down 7.5% year-over-year to $1.53 billion, net loss fell to –$1.2 billion (down $1.3 billion year-over-year), and equipment sales declined 12.2% year-over-year to $339 million. In an accompanying earnings call, Chief Operating Officer John Bruno attributed the product delay to a “forecasting issue” where the Company “had higher expectations that we were going to flush through the older product” which it needed to “sell through” in order to “make those transitions.”
On this news, Xerox’s stock price fell $1.79 per share, or 17.41%, to close at $8.49 per share on October 29, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
