Xerox Corporation Securities Litigation

With Johnson & Perkinson as one of Co-Lead Counsel, Plaintiffs litigated claims in the United States District Court for the District of Connecticut that alleges that Xerox and several of its top officers reported false financial results during the Class Period, failing to adhere to the standard accounting practices the company claimed to follow. The case is captioned Carlson v. Xerox Corp, et al., 3:00-CV-1621 (AWT). In particular, the Complaint says that Xerox: (a) improperly recognized revenues from its leasing operations by booking up front those lease payments attributable to future supplies and services; (b) boosted short-term results by overstating the value of future payments from leases that originated in developing countries; and (c) failed to write off mounting bad debts and improperly classified transactions in its Mexico operations. As a result, Plaintiffs alleged that Defendants artificially inflated the stock price of Xerox between February 9, 1998 through June 27, 2002, inclusive.