trending Market Intelligence /marketintelligence/en/news-insights/trending/jTgICWgfkv_ljd4BxLOBgg2 content esgSubNav
In This List

DXC Technology faces class-action lawsuit over misrepresentations

Blog

Fintech Intelligence Digital Newsletter: May 2021

Podcast

Street Talk Episode 76: Record pace of fintech M&A, funding in Q1'21 has legs

Street Talk – Episode 76: Record pace of fintech M&A, funding in Q1'21 has legs

Fintech Intelligence Digital Newsletter: April 2021


DXC Technology faces class-action lawsuit over misrepresentations

DXC Technology Co. is facing a class-action lawsuit claiming that the company failed to disclose that it changed the operations of its sales teams, deploying generalized sales teams instead of specialized teams that could better offer services to clients.

The complaint alleges that the company's reduction of its staff resulted in a shortage of sales personnel and led to loss of sales and revenue opportunities.

As a result of these actions, the company's revenue and financial performance guidance for fiscal 2019 was without a reasonable basis, according to the complaint.

On Nov. 6, 2018, the company stated that it would reduce its fiscal year 2019 revenue outlook by $800 million, following which its stock price fell 13% to close at $63.21 per share on Nov. 7, 2018.