Amdocs (DOX) Class Action Alert: Encourages Investors Suffering Losses to Contact Firm- Johnson Fistel

SAN DIEGO, May 19, 2021 /PRNewswire/ -- Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of shareholders of Amdocs Limited (NASDAQ: DOX) common stock.  The class action is on behalf of shareholders who purchased Amdocs between January 29, 2021 and March 30, 2021 both dates inclusive (the "Class Period"). If you wish to serve as lead plaintiff in this class action, you must move the Court no later than June 8, 2021.

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The Amdocs class action lawsuit charges Amdocs and certain of its officers and directors with violations of the Securities Exchange Act of 1934.

The Amdocs class action lawsuit charges Amdocs and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Amdocs provides global software and services to the communications, cable and satellite, entertainment, and media industry service providers.

The Amdocs class action lawsuit alleges that throughout the Class Period, Amdocs overstated the strength of its business metrics and financial prospects, including concealing that Amdocs had been losing customers and that its U.S. business in particular had been declining, that Amdocs had been borrowing undisclosed sums in the past in order to meet its capital needs but concealing that borrowing from investors, that Amdocs was concealing the restrictions on the cash it held, that Amdocs had been overstating its operating profits by up to 50%, and that as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and revenue growth rate during the Class Period.

On March 31, 2021, stock research firm Jehoshaphat Research issued a report entitled "WHERE DID AMDOCS' PROFITS AND AUDITORS GO?," revealing the results of that firm's "months-long investigation into what" it believes to be "a massive financial deception taking place at Amdocs." Jehoshaphat Research said that it had "gathered extensive evidence from the national corporate registry filings of dozens of subsidiaries from around the globe" which it had compared to Amdocs' public filings and found, among other things, "wildly overstated profit margins, a balance sheet that is far from the cash-rich fortress it appears to be, and a revolving door of company auditors resigning from their posts in multiple countries." The complaint alleges that according to Jehoshaphat Research, the "enormous discrepancies between DOX's true business health and the mirage that is its reported finances simply do not reconcile." Following this news, the market price of Amdocs common stock declined more than $9.00 per share on March 31, 2021.

A lead plaintiff will act on behalf of all other class members in directing the Amdocs class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Amdocs class-action lawsuit.  An investor's ability to share any potential future recovery of the Amdocs class action lawsuit is not dependent upon serving as lead plaintiff.  If you are interested in learning more about the case, please contact Jim Baker ([email protected]) at 619-814-4471.  If you email, please include your phone number.

Additionally, you can [click here to join this action]. There is no cost or obligation to you.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia.  The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits.  For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.  Attorney advertising.  Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471 
[email protected]

SOURCE Johnson Fistel, LLP

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