Securities Law News

Infosys Dives Most in Six Years After Whistle-Blowers Target CEO

Oct. 22, 2019, 2:58 AM

Infosys Ltd.’s shares plunged to a 10-month low in New York after whistle-blowers accused Chief Executive Officer Salil Parekh of leading an effort to shore up profits through irregular accounting, turning up the heat on an IT services giant that endured internal turmoil just two years ago.

The letter, addressed to the board and published by the Deccan Herald, charged Parekh with “unethical practices” to boost revenues and profit in recent quarters, anonymous whistle-blowers wrote in a memo titled “Disturbing unethical practices.” They asked the board to investigate and take immediate action, offering to provide emails and voice recordings...

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