INVESTOR ALERT: Edelson Lechtzin LLP is Investigating Securities Fraud Claims on Behalf of Unisys Corporation (NYSE: UIS) Shareholders
NEWTOWN, PA, November 8, 2022 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers of Unisys Corporation (“Unisys” or the “Company”) (NYSE: UIS) common stock.
Background on Unisys Corporation.
Headquartered in Blue Bell, Pennsylvania, Unisys is an American technology services and consulting company.
On November 8, 2022, Unisys stock dropped almost 50% after the company announced its third quarter 2022 results, which revealed an internal investigation related to communication of information within the company, and a large third-quarter loss. The company reported losing $40.1 million, or $0.59 per share in the third quarter.
Unisys also announced filing a Form 12b-25, which disclosed that the Company is unable to file its Quarterly Report on Form 10-Q for the quarter that ended on September 30, 2022 “without unreasonable effort and expense and within the prescribed time period.” Unisys warned investors that this investigation may result in a determination “that there are one or more material weaknesses in its internal control over financial reporting, which may result in a conclusion that the Company’s disclosure controls and procedures and internal control over financial reporting are not effective.”
The Company further disclosed that the “Audit Committee requires additional time to complete its investigation and the Company and its independent registered public accounting firm require incremental time to complete their respective reviews of the Company’s internal controls and procedures.”
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About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.