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Unisys Corporation

Case Details

Class Period: August 3, 2022 - November 7, 2022
Date Filed: November 11, 2022
Case Number: 2:22cv04529
Jurisdiction: Pennsylvania Eastern District Court
icon-casetype Case Type: Securities Case
Days Left to
Seek Plaintiff:
34

Case Summary

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s 2022 financial guidance was significantly overstated; (ii) accordingly, once the truth was revealed, it was likely that the Company would be required to negatively revise its 2022 financial guidance; (iii) in addition to the foregoing, material weaknesses existed in the Company’s internal control over financial reporting; and (iv) as a result of all of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.

On November 7, 2022, post-market, Unisys issued a press release disclosing that the Company was lowering its previously stated 2022 financial guidance by a significant margin and that it would be “unable to file, without unreasonable effort and expense and within the prescribed time period, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the ‘Form 10-Q’).” Specifically, the press release stated that the Company’s audit and finance committee “is conducting an internal investigation regarding certain disclosure controls and procedures matters” and that “[f]ollowing the evaluation of the results of the investigation, the Company expects that it may determine that there are one or more material weaknesses in its internal control over financial reporting, which may result in a conclusion that the Company’s disclosure controls and procedures and internal control over financial reporting are not effective.”

On this news, Unisys’s stock price fell $4.33 per share, or 48%, to close at $7.89 per share on November 8, 2022.

Documents
Complaint