Four Decades for Justice
On March 29, 2013, Judge Alvin W. Thompson of the U.S. District Court for the District of Connecticut entered summary judgment in favor of Cravath’s client, Xerox Corporation, and dismissed, in its entirety, the long‑running securities class action In re Xerox Securities Litigation.
Plaintiffs filed this class action on December 9, 1999, on behalf of all purchasers of Xerox’s common stock from October 22, 1998 through October 7, 1999, alleging that Xerox and certain of its former executives committed securities fraud by misrepresenting the success of Xerox’s 1998 global restructuring program. Specifically, Plaintiffs alleged that Defendants claimed the benefits of the restructuring program without disclosing that problems associated with one of the restructuring initiatives had negated the benefits.
The Court concluded, in a 98‑page opinion, that Plaintiffs had failed to create a genuine issue of material fact for trial and entered judgment in Xerox’s favor, holding that Plaintiffs had failed both (i) to establish an actionable misstatement or omission; and (ii) to demonstrate loss causation.
The Cravath team included partner J. Wesley Earnhardt.
Deals & Cases
March 28, 2024
Cravath represented the initial purchasers in connection with the $500 million 144A/Reg. S high‑yield senior notes offering of Xerox Holdings Corporation, a workplace technology company that builds and integrates software and hardware. The transaction closed on March 20, 2024.
Deals & Cases
March 27, 2024
Cravath represented the initial purchasers in connection with the $400 million 144A convertible senior notes offering of Xerox Holdings Corporation, a workplace technology company that builds and integrates software and hardware, and the financial institution counterparties to a “capped call” transaction entered into by Xerox Holdings Corporation in connection with the offering. The transaction closed on March 11, 2024.
Deals & Cases
August 28, 2014
On August 28, 2014, the SEC ended a formal investigation of certain revenue recognition accounting practices at Affiliated Computer Services, Inc. (“ACS”), a company acquired by Xerox in 2010, without bringing any charges against Xerox or ACS. Cravath represented Xerox and ACS in the investigation. A current employee and a former employee of ACS agreed to settlements with the SEC, which did not include fraud charges.
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