SAN FRANCISCO, April 1, 2021 / PRNewswire / – Hagens Berman urges Amdocs Limited (NASDAQ: DOX) investors with significant losses to file their losses now. The company is investigating possible violations of the Securities Act and certain investors may have valuable claims.
Contact an attorney now: [email protected]
Amdocs Limited (NASDAQ: DOX) Investigation:
The investigation focuses on the accuracy of the financial results reported by Amdocs.
Over the past few quarters, Amdocs has repeatedly touted its strong sequential revenue growth, margins and strong balance sheet.
But go on March 31, 2021These and other corporate agencies were challenged when Josaphat Research released a damning report entitled “Where Did Amdocs Profits and Auditors Go?” who concluded that Amdocs was “a massive financial sham” and “the stock is not investable”.
Based on a review of international Amdocs subsidiary filings overseas, Josaphat’s claim that Amdocs overestimated profit by up to 50% has reported profit margins being “wildly” inflated and approximately 1/3 of Amdocs reported cash unavailable for use are. Josaphat reported that surveys of former employees and direct competitors confirmed that Amdocs “has been losing business for years but has made up for those losses by puffing up financial data, sometimes to the point that country managers can no longer recognize”. Josaphat also raised concerns about the resignation of the subsidiaries’ auditors over the past two years.
In response, Amdocs shares fell over 11% March 31, 2021and wiped out hundreds of millions of dollars in shareholder value.
“We are focusing on investor losses and whether Amdocs has cooked its books,” he said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are an Amdocs investor and experience significant losses or have knowledge that may aid the company’s investigation, click here to discuss your statutory rights with Hagens Berman.
Whistleblowers: Individuals with nonpublic information about Amdocs should review their options to help with the investigation or to use the SEC whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Please call for more information Reed Kathrein at 844-916-0895 or by email [email protected].
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SOURCE Hagens Berman Sobol Shapiro LLP