Infosys faces class action lawsuit in US

A class action lawsuit was filed against Infosys in the United States District Court for the eastern district of New York following the allegations made by anonymous complaints.

The Telegraph has seen a copy of the class action suit filed by Rosen Law Firm, which said that after the news of the whistleblower letter came out, the Infosys ADS fell $1.28, or over 12 per cent, to close at $9.29 per ADS on October 21, hurting investors.

It alleged that as a result of defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the ADS, the plaintiff and other class members have suffered significant losses and damages. It also alleged that the defendants (which included Salil Parekh) omitted material information in their class period statements.