- S.-listed shares of Indian IT and outsourcing company Infosys INFY, +0.43% fell 12% Monday, after the company said it has received anonymous whistleblower complaints alleging unethical practices. "These have been placed before the Audit Committee as per the Company's practice and will be dealt with in accordance with the Company's whistleblower policy which can be found at" https://www.infosys.com/investors/corporate-governance/Documents/whistleblower-policy.pdf, the company said in a statement. The statement came after a report in India's The Economic Times that an anonymous group had sent letters to the company's board and to the U.S. Securities and Exchange Commission alleging the company was using unethical means to boost short-term earnings. The group said it has emails and voice recordings to substantiate their claims. Infosys ADRs have fallen 2% in 2019, while the S&P 500 SPX, +0.69% has gained 19%.
5 replies (most recent on top)
They alleged irregularities in large deals like Verizon.......
Would be cool if there were a whistleblower on the Vz side as well.
I cant believe Shankies sold bunch of loyal VZ folks to this pile of cow dung.
Shankies can do this over and over.
When the INFY contract was being negotiated, there was a lot of pressure from VZ to INFY on how the deal would be shown on the books so that VZ could meet headcount/cost reduction targets. Not sure if this is somehow related....
Nope.
Do you think we hid anything ?
In terms of overall cost, productivity, security ?
Do you think our board knows the truth ?
"They alleged irregularities in large deals like Verizon, ABN, Ambo and a joint venture in Japan, saying revenue recognition was not as per accounting standards."
Makes Vz look pretty good, don't they? /s