American firm readies class action suit against Infosys on whistleblower allegations
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Even as Infosys battles whistleblower allegations of using aggressive accounting methods to boost its revenues and margin, a US-based law firm, Rosen Law Firm, which specialises in securities class actions, said it was preparing such a suit to recover losses suffered by the investors. “Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Infosys investors,” it said in a statement.
These kind of lawsuits are common in the case of stocks listed in the exchanges in US whenever there’s some negative news related to companies which see a drop in share prices.
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Similarly, other oil and marketing companies (OMCs) such as Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL) slumped 4.1 per cent each at Rs 162.20 and Rs 457, respectively in intraday deals.
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Israeli missiles targeted a site in Iran in response to a recent drone and missile attack launched by Iran, reportedly in retaliation against an alleged Israeli airstrike on Iranian embassy in Syria, according to a report in ABC News.
ABC News reported on the unfolding situation, amid fears that the clash between Israel and Iran might escalate into a wider regional conflict.
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IT major Infosys, on Thursday, reported a consolidated net profit increase of 30 per cent to Rs 7,969 crore for the quarter of January-March in the financial year 2024 (Q4FY24), compared to Rs 6,128 crore reported during the same period last year.
The consolidated revenue went up 1.3 per cent to Rs 37,923 crore, compared to Rs 37,441 crore reported during Q4FY23.
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Fintech firm BharatPe on Tuesday said it has elevated its interim CEO and chief financial officer Nalin Negi as full-time chief executive officer.
Negi was given charge of interim CEO in January 2023 after then CEO Suhail Sameer stepped down from the post.
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