Kyndryl Investor Sues Over Accounting Audit, Leaders’ Exit (1)

Kyndryl Holdings Inc. misrepresented its financial results and internal controls before disclosing a spate of leadership changes and an accounting review, a proposed class action said.

The International Business Machines Corp. spinoff’s stock price plunged 55% Feb. 9, the day that federal filings disclosed executive departures and a Securities and Exchange Commission request to review certain of its records. That was Kyndryl shares’ sharpest one-day drop on record, according to data compiled by Bloomberg.

The ...