Welcome
Securities Law News

Infosys Faces First Investor Suit Over Whistleblower Allegations

Oct. 23, 2019, 6:54 PM

Infosys Ltd. faces a securities suit in New York federal district court accusing it of misleading investors just days after a whistleblower complaint alleging accounting issues became public.

The India-based IT services firm “improperly recognized revenues to inflate short-term profits,” the Oct. 23 would-be class complaint filed in the U.S. District Court for the Eastern District of New York said. A whistleblower letter accusing Infosys CEO Salil Parekh, also named as a defendant in the suit, of telling the company’s finance team to use “unethical” accounting practices to boost revenue became public Oct. 21.

An anonymous group of self-described “ethical...

To read the full article log in. To learn more about a subscription click here.