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DXC Technology stock allegedly traded at artificially inflated prices during class period, suit states

By Bree Gonzales | Jan 15, 2019

ALEXANDRIA, Va. (Legal Newsline) – A Virginia company is alleged to have misrepresented the company's financial condition and caused stocks to trade at artificially inflated prices.

The city of Warren Police and Fire Retirement System filed a complaint on Dec. 27 in the U.S. District Court for the Eastern District of Virginia, Alexandria Division against DXC Technology Co., J. Michael Lawrie and Paul N. Saleh alleging violation of federal securities laws.

According to the complaint, the plaintiff seeks to represent a class of persons who purchased DXC common stock between Feb. 8 and Nov. 6, 2018. The suit states the plaintiff purchased DXC stock during this period.

The plaintiff alleges during this period, the defendants misrepresented the company's financial condition through false and misleading statements and stocks traded at artificially inflated prices. The suit states by Nov. 6, 2018, stocks were traded at $63.21 per share when on Sept. 21, 2018, stocks were trading at $96.38.

The plaintiff holds DXC Technology Co., Lawrie and Saleh responsible because the defendants allegedly made untrue statements of material fact or omitted material facts.

The plaintiff requests a trial by jury and seeks damages and interest, an award of reasonable costs, including attorneys’ fees, and equitable/injunctive or other relief the court deems just and proper. They are represented by Craig C. Reilly of The Office of Craig C. Reilly in Alexandria, Virginia; Shawn A. Williams of Robbins Geller Rudman & Dowd LLP in San Francisco, California; and Thomas C. Michaud of Vanoverbeke, Michaud & Timmony P.C. in Detroit, Michigan.

U.S. District Court for the Eastern District of Virginia case number 1:18-cv-01599-AJT-MSN

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Organizations in this Story

Robbins Geller Rudman & Dowd LLP The Office of Craig C. Reilly U.S. District Court for the Eastern District of Virginia Vanoverbeke, Michaud & Timmony, P.C.

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