Law360 (June 3, 2020, 6:27 PM EDT) -- A Virginia federal judge has tossed a $2 billion proposed securities class action accusing the information technology services company DXC Technology Co. and its top brass of making misleading statements about revenues, causing its stock to drop by up to 16%.
U.S. District Judge Anthony J. Trenga concluded on Tuesday that the alleged false and misleading statements DXC Technology and its executives made are non-actionable, forward-looking revenue projections that the executives didn't know they weren't going to meet or non-actionable immaterial puffery.
"None of the relied upon forward-looking statements were presented as or reasonably understood as guarantees of any sort and,...
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