Labaton Keller Sucharow LLP is co-lead counsel in a securities class action against Conduent Incorporated and certain of its senior executives (collectively, Defendants). The action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and SEC Rule 10b-5 promulgated thereunder, on behalf of all persons or entities who purchased Conduent common stock on the open market on a United States stock exchange from February 21, 2018, through November 6, 2018, both dates inclusive (the Class Period).
Among other things, the Complaint in the Action alleges that Defendants made materially false and misleading statements and omissions concerning: (i) the status and condition of the Company’s legacy Information Technology (IT) systems and infrastructure; and (ii) whether Conduent’s IT infrastructure had been inventoried, or mapped, prior to, and then, during the Class Period, which was a necessary step before the Company could consolidate and migrate its data centers. The Complaint further alleges that the price of Conduent publicly traded common stock was artificially inflated as a result of Defendants’ allegedly false and misleading statements and omissions, and declined when the alleged truth was revealed at the end of the Class Period. Defendants filed a motion to dismiss the Complaint on November 12, 2019. Lead Plaintiffs opposed the motion to dismiss and on June 5, 2020, the Court denied Defendants’ motion to dismiss.
Lead Plaintiffs moved to certify the class which was granted on February 28, 2022. The Parties completed voluminous class and fact discovery.
On August 15, 2022, the Parties participated in a full-day mediation session. Following extensive arm’s-length negotiations and a second day of additional efforts by the mediator, the Parties reached an agreement to settle the action. The Parties executed the Stipulation of Settlement on December 1, 2022.
The case is In re Conduent Inc. Securities Litigation, No. 2:19-cv-08237-SDW-AME (D.N.J). Labaton Keller Sucharow represents plaintiffs Plymouth County Retirement Association and Electrical Workers Pension Fund, Local 103, IBEW.
Submit Claim Form
If you purchased Conduent common stock on the open market on a United States stock exchange from February 21, 2018, through November 6, 2018, both dates inclusive, and were damaged thereby, you may be entitled to a payment from a class action settlement. To be eligible for a payment, you must submit a Claim Form to the Claims Administrator by May 19, 2023.
Settlement Hearing
The Court held a Settlement Hearing on May 24, 2023, remotely via Zoom video conference. The Court approved the Settlement and Plan of Allocation and awarded attorneys’ fees and expenses.
If you have questions about the Settlement, please contact Labaton Keller Sucharow at settlementquestions@labaton.com or 1-888-219-6877, or contact the Claims Administrator, at 1-(877) 415-0639.
Additional information about the Settlement can also be found at www.ConduentSecuritiesLitigation.com.
