#United States #New York #Xerox Holdings #Securities Fraud #Pomerantz Law

Shareholder Alert: Pomerantz Law Firm vs. Xerox Holdings Corporation

Pomerantz LLP has officially filed a class action lawsuit against Xerox Holdings Corporation, a significant player in the documentation and printing solutions industry, trading under NASDAQ: XRX. The firm encourages shareholders who have suffered losses on their investments to get in touch and potentially lead this critical legal battle.

The lawsuit raises serious allegations against Xerox and several of its executives for purportedly engaging in securities fraud and other unethical business practices. Investors have until January 18, 2025, to petition the court for the position of Lead Plaintiff if they purchased or acquired Xerox securities within the outlined Class Period.

Key Highlights of the Lawsuit

On April 23, 2024, Xerox disclosed a staggering 12.4% year-over-year decline in its quarterly revenue, totaling $1.50 billion. This report revealed a troubling net loss of -$113 million, marking a decline of $184 million compared to the same quarter the previous year. Furthermore, equipment sales saw an alarming drop of 25.8%, amounting to $290 million. The company attributed these poor results to a process termed “geographic simplification,” revealing that the much-promoted “Reinvention” strategy had adversely affected sales operations.

Following this negative news, Xerox's share price tumbled by 10.11%, decreasing by $1.66 per share on the very day of the announcement, closing at $14.76. A further blow came on October 29, 2024, when the company reported disappointing improvements in sales force productivity and delays surrounding the global launch of two flagship products. The third quarter results were equally disheartening, with revenue falling 7.5% year-over-year to $1.53 billion, and a shocking net loss of -$1.2 billion—a decline of $1.3 billion year-over-year. Equipment sales decreased 12.2%, totaling $339 million. Xerox's COO, John Bruno, attributed these setbacks to forecasting issues, revealing that expectations of swiftly transitioning to new products were poorly estimated.

Consequently, Xerox’s stock price took a dive again, dropping 17.41%, translating to a $1.79 reduction per share, closing at just $8.49 following the October announcements.

About Pomerantz LLP

Founded over 85 years ago, Pomerantz LLP stands out as one of the leading firms specializing in corporate, securities, and antitrust class litigation. With offices in major cities such as New York, Chicago, and Los Angeles, the firm has a history of recovering billions for victims of corporate misconduct. The firm’s commitment to defending shareholders’ rights resonates through its storied tradition, originating from its founding by Abraham L. Pomerantz, a pioneer in securities class actions. For further details and to access copies of the complaint, investors are encouraged to visit www.pomerantzlaw.com.

In light of these recent developments with Xerox Holdings Corporation's performance and stock valuation, affected shareholders are strongly advised to take immediate action to protect their investment interests. Interested parties may contact Danielle Peyton at Pomerantz LLP for guidance and further action.

Contact Information

For more information, you can reach out to:

• - Danielle Peyton

Pomerantz LLP
Email: [email protected]
Phone: 646-581-9980 ext. 7980

This is a critical reminder for shareholders to be vigilant about their investments, especially in light of ongoing market fluctuations and unforeseen corporate challenges.