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Infosys Crashes Further As US SEC, SEBI Begin Investigations On Whistleblower Complaints

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On Thursday, Infosys Limited informed the exchanges that the Securities and Exchange Commission (SEC), the independent agency that regulates the stock exchanges in the US, has begun its investigation on the anonymous whistleblower complaints.

 

Infosys Crashes Further As US SEC, SEBI Begin Investigations On Complaints
Infosys: Quotes, News
BSE 1631.35BSE Quote21.1 (1.29%)
NSE 1631.55NSE Quote21.05 (1.29%)

"The Company has been in touch with the Securities and Exchange Commission ("SEC") regarding the anonymous whistleblower complaints ("Anonymous Complaints") and has learnt that the SEC has initiated an investigation into this matter. The Company will cooperate with the SEC's investigation," the disclosure statement read.

Infosys Ltd is listed on the New York Stock Exchange (NYSE) in the US, apart from NSE and BSE in India.

The company's exchange filing further said that the Securities and Exchange Board of India (SEBI) has requested additional information from it with regard to anonymous complaints. "The Company will provide the information as per SEBI's request," it said.

Shares of Infosys were trading slightly higher by 0.069 percent at Rs 651.05 before crashing again to a low of Rs 638 apiece on NSE.

Some employees of the Infosys had written to the company's board and to the SEC, at the start of this month, accusing the company's top management, including the CEO and CFO, of alleged unethical practices with regard to accounting of revenue from large deals and their profitability.

"The Company is also aware of a securities class action lawsuit that has been filed against the Company in federal court in the United States based on the generalized allegations in the Anonymous Complaints. The Company intends to defend itself vigorously in such a lawsuit," said Infosys in its filing made on Thursday morning.

Read more about: infosys sec sebi whistleblower
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