The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Xerox Corporation ("Xerox") (NYSE: XRX) and several officers and directors for acts taken during the period of April 23, 2012 to October 23, 2015 (the "Class Period"). Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Xerox. If you are an affected Xerox shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at email@example.com, Patrick Powers at Powers Taylor LLP via email at firstname.lastname@example.org, or call toll free at (877) 728-9607. There is no cost or fee to you. According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants issued materially false and misleading statements touting its new software product, Health Enterprise, as an important growth area for Xerox. The Company reported that Health Enterprise would operate at a low cost and high profit margin. Its statements pertaining to the profitability and growth prospects of the Health Enterprise business failed to disclose that: (1) the existing Health Enterprise projects were experiencing major delays and cost overruns; (2) Xerox would be unable to deliver Health Enterprise implementations at sustainable profits; and (3) as a result of the above, Xerox's statements about its business, operations, and prospects lacked a reasonable basis. On October 26, 2015, Xerox released its third quarter 2015 financial results which were disappointing due to costs associated with the implementation of Health Enterprise and the termination of Health Enterprise contracts with two state agencies. Xerox stock dropped significantly immediately following this announcement.