Berman Tabacco Announces Lead Plaintiff Deadline in Securities Class Action Against Unisys Corporation (UIS)

Boston, Massachusetts--(Newsfile Corp. - November 28, 2022) - Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Unisys Corporation (NYSE: UIS). On November 11, 2022, a securities class action lawsuit was filed in U.S. District Court in the Eastern District of Pennsylvania "on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Unisys securities between August 3, 2022 and November 7, 2022, both dates inclusive (the 'Class Period')."

How to Seek Appointment as Lead Plaintiff

If you wish to serve as Lead Plaintiff for the Class, you must file a motion to serve as Lead Plaintiff with the Court no later than January 10, 2023. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class. An investor's ability to share in any potential future recovery is not dependent upon serving as Lead Plaintiff.

If you sustained significant losses from your transactions in Unisys securities during the Class Period and are interested in learning more about serving as Lead Plaintiff, please provide your information here: Shareholder Contact | Berman Tabacco.

A Lead Plaintiff is appointed by the court to represent the members of the putative class in the lawsuit. Typically, the Lead Plaintiff is the applicant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.

No Responsibility for Attorney's Fees or Expenses

Berman Tabacco typically represents individuals and entities in class actions on a contingency fee basis, meaning we advance all attorneys' fees and expenses in the litigation. If the case is successful, the firm will ask the court to award the firm attorneys' fees and the reimbursement of expenses from any settlement fund. If we are not successful, you will not be responsible for the reimbursement of attorneys' fees or expenses.

About the Lawsuit

The lawsuit alleges that "[o]n November 7, 2022, post-market, Unisys issued a press release disclosing that the Company was lowering its previously stated 2022 financial guidance by a significant margin prescribed time period, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the 'Form 10-Q')." Further, "the press release stated that the Company's audit and finance committee 'is conducting an internal investigation regarding certain disclosure controls and procedures matters' and that '[f]ollowing the evaluation of the results of the investigation, the Company expects that it may determine 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.'" On this news, Unisys's stock price fell $4.33 per share, or 48%, to close at $4.63 per share on November 8, 2022.

The complaint alleges that "Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company's 2022 financial guidance was significantly overstated; (ii) accordingly, once the truth was revealed, it was likely that the Company would be required to negatively revise its 2022 financial guidance; (iii) in addition to the foregoing, material weaknesses existed in the Company's internal control over financial reporting; and (iv) as a result of all of the foregoing, the Company's public statements were materially false and misleading at all relevant times."

About Berman Tabacco

Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising.

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145982