Xerox Spinoff Must Face Stock Inflation Suit

Law360 (June 5, 2020, 10:40 PM EDT) -- A New Jersey federal judge has refused to dismiss a proposed securities class action accusing a Xerox spinoff of keeping investors in the dark about tech issues and problems with a vendor, ruling Friday that Conduent must face the suit.

U.S. District Judge Susan D. Wigenton ruled that the proposed class of Conduent Inc. investors adequately alleged that the company misled them about its performance, brushing issues with its outdated information technology infrastructure and a vendor's performance under the rug while falsely claiming that a planned "company transformation" was on track.

"Without these misrepresentations, investors could only assume that the strategic...

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