Investor Alert: Kaplan Fox Investigates Infosys Limited

NEW YORK, Oct. 21, 2019 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating claims on behalf of investors who purchased the American Depositary Receipts ("ADRs") of Infosys Limited ("Infosys" or the "Company") (NYSE: INFY) on the New York Stock Exchange.

On October 21, 2019, Infosys announced that it received whistleblower complaints alleging "unethical practices" by Infosys' executives reportedly to boost short-term revenue and profit. 

As reported in the media, the whistleblower allegations include the following:

• Putting pressure on whistleblowers not to recognize reversals of $50 million of upfront payment in the quarter ended September;
• Revenue recognition in large contracts involving Verizon Communications Inc., Intel Corp., the Company's joint venture in Japan as well as acquisition of Stater NV, a subsidiary of ABN AMRO Bank NV, were "forced"and not as per accounting standards;
• Approvals for large deals have irregularities and the chief executive is bypassing reviews and approvals by instructing sales teams not to send mails for the same; and
• CEO Salil Parekh and Chief Financial Officer Nilanjan Roy had asked the whistleblowers to show "more profits in treasury operations" by raising risks and changing policies.

Further, the whistleblowers reportedly have emails and voice recordings of the conversations on the matters discussed.

On October 21, 2019, following news of the whistleblower allegations, Infosys' ADRs fell by more than $1.51 per ADR, over 14%, in midday trading on the New York Stock Exchange.

If you purchased Infosys' ADRs and would like to discuss our investigation, please contact us by emailing [email protected] or by calling 800-290-1952. 

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about your rights or interests, please contact:

Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California  94104
(415) 772-4700
Fax:  (415) 772-4707
E-mail: [email protected]

SOURCE Kaplan Fox & Kilsheimer LLP