Xerox Misled Investors About Job Cuts in Overhaul, Suit Says (1)

Xerox Holdings Corp. and two top executives misled investors about the company’s “reinvention” plan, omitting key details from disclosures about the impact of workforce reductions implemented as part of the strategy, according to a proposed class action.

The workforce cuts disrupted Xerox’s sales productivity and caused the company to sell its older products at a lower rate, which in turn delayed the launch of new products and ultimately led to lower sales and revenue, said the complaint filed Tuesday in the US District Court for the Southern District of New York.

Xerox’s alleged misrepresentations and omissions about the organizational overhaul ...