U.S. law firm initiates probe against Infosys

Infosys

The board of the company approved buyback for an amount not exceeding Rs 13,000 crore.

A day after the exit of Vishal Sikka as the MD and CEO of Infosys, three US-based law firms have launched an investigation against the IT major.

After news of Sikka's resignation, Infosys American Depositary Receipts has dropped as much as $1.43 per share, or almost 9 per cent, during intraday trading on Friday. "There is no change in buyback plans".

Founders still hold 12.75 per cent in Infosys.

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Sikka's resignation spooked investors in India's second-biggest IT services company and sent its shares down almost 10 percent, wiping $3.45 billion off its market value.

Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Infosys investors.

Bronstein, Gewirtz & Grossman, Rosen Law Firm, Pomerantz Law Firm and Goldberg Law PC will examine potential claims by Infosys investors to find out if the company violated federal securities laws.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

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Infosys' American Depositary Receipts closed over 7 per cent lower at $14.79 Friday on the Nasdaq.

The big buyback development comes after Vishal Sikka, the first non- founder CEO of Infosys Ltd, abruptly resigned due to the continuous assault and campaign by founder and ex-chairman NR Narayana Murthy.

His replacement will take on the task of improving the company's fortunes at a time when the $150 billion Indian IT services sector is facing a raft of challenges. The buyback offer will comprise a purchase of up to 113,043,478 equity shares aggregating up to 4.92% of the paid-up equity share capital of the company.

"What will matter in the long run is how well a new management team can lead the company and quickly tap the market for transformation services such as cloud".

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The buyback offer does not include costs like securities transaction tax, GST, stamp duty, filing fees, advisors fees, brokerage, public announcement expenses, printing and dispatch expenses and other expenses.

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