Unisys Beats Class Action Over Financial Audit Probe, Stock Drop

Unisys Corp. defeated, for now, allegations that it knowingly disclosed misleading financial results before revealing that its audit department had initiated a probe into its accounting practices.

The proposed class action against the information technology giant and two top executives was dismissed, but the plaintiff has an opportunity to amend his complaint to show the defendants knowingly misled investors and caused a historic stock drop, according to Judge Gerald J. Pappert’s memorandum filed Thursday in US District Court for the Eastern District of Pennsylvania.

Unisys announcedin November 2022 that it was looking into its disclosure controls and other ...