Dalberth v. Xerox Corp., No. 13-1658 (2d Cir. 2014)Annotate this Case
Plaintiffs filed a class action on behalf of all persons who purchased common stock from Xerox during a certain period, alleging that Xerox violated the Securities and Exchange Act of 1934, 15 U.S.C. 78a et seq. Plaintiffs alleged that Xerox and executive officers violated federal securities law by materially misrepresenting that Xerox's worldwide restructuring initiative was financially beneficial to the corporation, when, in fact, one specific component of the restructuring - the "Customer Business Organization Reorganization" - was causing significant and ongoing economic distress to the company. The court affirmed the district court's grant of summary judgment in favor of defendants because there was no genuine dispute of material fact with respect to the sufficiency of Xerox's disclosures about the successes and failures of this component of its worldwide restructuring.