SAN FRANCISCO, April 1, 2021 /PRNewswire/ — Hagens Berman urges Amdocs Limited (NASDAQ: DOX) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.
Amdocs Limited (NASDAQ: DOX) Investigation:
The investigation focuses on the accuracy of Amdocs’ reported financial results.
In past quarters, Amdocs repeatedly touted its strong sequential revenue growth, margins, and strong balance sheet.
But on March 31, 2021, these and other company representations were brought into question when Jehoshaphat Research published a scathing report entitled, «Where Did Amdocs’ Profits And Auditors Go?», concluding that Amdocs is «a massive financial deception» and «the stock is uninvestable.»
Based on a review of Amdocs international subsidiaries’ filings overseas, Jehoshaphat‘s claims Amdocs has overstated profits by as much as 50% that its reported profit margins are «wildly» inflated, and approximately 1/3 of Amdocs’ stated cash is unavailable for use. Jehoshaphat reported that former employee and direct competitor interviews confirmed its findings that Amdocs «has been losing business for years but has made up for these losses by inflating financials, sometimes to a point beyond recognition by the country managers.» Jehoshaphat also raised concerns about the company subsidiaries’ auditor resignations during the last two years.
In response, the price of Amdocs shares fell over 11% on March 31, 2021, wiping out hundreds of millions of dollars of shareholder value.
«We’re focused on investors’ losses and whether Amdocs cooked its books,» said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are an Amdocs investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Amdocs should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email DOX@hbsslaw.com.
About Hagens Berman
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SOURCE Hagens Berman Sobol Shapiro LLP