Infosys hit by another class action suit in US

Los Angeles-based shareholder rights litigation firm, the Schall Law Firm, has filed a class action lawsuit against Infosys, accusing the IT major of making false and misleading statements to investors.

The law firm, in a filing to the US Securities and Exchange Commission, said that investors who purchased Infosys securities between July 7, 2018 and October 20, 2019, can participate in the lawsuit by December 23.

CEO ‘skipped review of deals’

Schall Law Firm on December 11 alleged that Infosys made false and misleading statements to the market. It said the company used improper recognition of revenue to boost short-term profits. It alleged that CEO Salil Parekh skipped standard reviews of large deals to avoid accounting scrutiny.