https://www.rgrdlaw.com/cases-dxctechnology.html#pressRelease
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A lawsuit means nothing, until it is ruled upon. Anyone can bring a lawsuit for almost anything.
DXC said in all the investor calls that they were " right sourcing" and cutting people so it should be no surprise to anyone. This will get thrown out of court pretty fast and the investor's if they read the slides that were presented would clearly know this
Here you go:
https://www.stoel.com/how-does-a-lawsuit-work-basic-steps-in
Basically it might not go to trial if DXC files a motion to have the case rejected and the Court agrees with whatever rubbish DXC have spouted.
The interesting thing with these class actions is that the lead plaintiff could well be the only one fighting this case but if they win then everyone in "the class", ie a shareholder, is entitled to the same damages automatically, even if they don't put their name against the case until its won.
I think the market hasn't reacted to the news because of the other broader chaos on Wall Street right now, plus its Christmas, plus its too early to begin to speculate on the likely outcome.
The rate at which these cases are filed against US stocks is over one per day over the course of a year. Its not exactly a rare occurrence.
This is all good and fun to read, HOWEVER the share price hasn’t taken a hit.
I’m no legal beagle but does someone have to agree first that these claims will be heard? What’s the process?
@WQgu4Rg-1huz that's an interesting question with regard to the ongoing compromise of HP.
It's unclear whether this was disclosed to Mikey at the time of purchase.
It's also very clear that a security breach is not something that anyone wants to discuss with anyone else and that details of such things are held so super secret that its possible Mikey was never told.
Would make an interesting legal case though, possibly even legal history.
I would say it could sour the HP-DXC relationship, but that ship sailed long ago. Quite possibly it could be seen as a legitimate retaliation for HP poaching staff.
Holy sh--! 5 more lawsuits? lol this is great!
What I haven’t seen in any of these lawsuits is anyone asking how much HPE knew about CloudHopper whilst they were selling the managed services business to CSC’s shareholders.
Shareholders taking class actions, you couldn’t make this stuff up! Because they got shafted up the ying yang lol! 😂
This just gets better and better.
Looks like there are at least five other class action lawsuits being prepared as well https://finance.yahoo.com/quote/dxc?ltr=1
“Mikey and his henchmen and The woman he's sleeping with are going down!”
I’ve got news for you: they’ve been going down on each other for a long time.
Mikey and his henchmen and The woman he's sleeping with are going down!
These sort of things happen all the time, I wouldn't be surprised to see this sink...
A failed strategy (reducing staff) that was clearly outlined to investors at the first DXC investor day is probably not cause for legal moaning.
Obviously any investor reading this page would have been more clued up to what the company wasn't saying with regard to the operational impact the cuts were having. On the other hand, I'm sure many just discounted that as the pain of a necessary restructure and that we are all just employees moaning.
The register article revealing a massive drop in revenue in between quarterly announcements maybe ok too, the only possible gnarly bit being where DXC responded by making an official statement via the SEC that everything was on target.... that bit may drop them in hot water.
The Law firm looks impressive, certainly adequate to pull at a few loose threads. Serving as chairman, president and CEO of an organisation is bad, this action will highlight some of the reasons! If this action ever makes it to court (not a legal type) it will be interesting, the CEO cannot point any fingers as the same person determined the strategy, approved all operations and then executed!
About time !
They're coming for you Mikey.