Class Action Filed Against Xerox Holdings Over Misleading Investor Statements

Class Action Reminder for Xerox Holdings Corporation Investors

Overview

Robbins LLP announced a class action lawsuit for investors who bought or acquired Xerox Holdings Corporation (NASDAQ: XRX) securities between January 25, 2024, and October 28, 2024. Xerox provides workplace technology services, including hardware and software.

Allegations

The lawsuit claims that Xerox misled investors about its business outlook. The company did not disclose several issues:

1. A large workforce reduction led to a reorganization that disrupted the salesforce.
2. This disruption resulted in decreased productivity.
3. There was a slower sell-through rate of older products.
4. Difficulties with older products delayed the launch of new ones.
5. These challenges likely caused lower sales and revenue.

Impact

On October 29, 2024, Xerox reported disappointing salesforce productivity and delays in launching two new products. The company revealed a 7.5% drop in revenue for the third quarter of 2024, reporting $1.53 billion. They also reported a net loss of $1.2 billion, with equipment sales down 12.2% to $339 million. Following this announcement, Xerox’s share price fell by 17.41%, closing at $8.49.

Next Steps for Investors

Investors wishing to be lead plaintiffs must apply to the court by January 21, 2025. Those not participating can remain as absent class members but may still be eligible for recovery. More information is available through their contact channels.

About Robbins LLP

Robbins LLP actively represents shareholders in lawsuits and has secured over $1 billion in recoveries since 2002. They operate on a contingency fee basis, meaning shareholders pay no upfront costs.

For Updates

Shareholders can sign up for alerts on the case, including settlement notifications.

For more information, investors can contact Robbins LLP or fill out a form on their website.