Law360 (September 11, 2020, 8:54 PM EDT) — Investors in DXC Technology Co. are asking the Fourth Circuit to revive a $2 billion securities suit accusing the information technology services company and its top brass of making misleading statements about revenues.
In an opening brief Friday, the proposed investor class said a Virginia federal judge got it wrong when he dismissed the suit and concluded it was based on statements that were either nonactionable, forward-looking revenue projections or nonactionable, immaterial puffery.
According to the investors, U.S. District Judge Anthony J. Trenga used “unduly harsh standards” by requiring that they plead “detailed evidentiary matter amounting to incontrovertible falsity.”
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