Infosys to buy back 11.3-cr shares at Rs 1150 each

The logo of Infosys is displayed inside the company's headquarters in Bengaluru

Friday's sell-off prompted three USA law firms specializing in class action lawsuits to announce that they are probing potential securities claims on behalf of Infosys investors that have suffered losses. You may also contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com.

India's second-biggest IT firm Infosys said on Saturday it will buy back shares worth up to 130 billion rupees ($2 billion), a day after Vishal Sikka resigned as chief executive after a long-running feud with the company's founders.

Bronstein law firm said its investigation "concerns whether Infosys and [some] of its officers and/or directors have complied with federal securities laws".

As a result of Sikka's resignation, shares of Infosys fell sharply by 9.6% during intraday trading on August 18, 2017.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique known for aggressive pursuit of litigation claims on behalf of their clients. Mr. Sikka's resignation followed criticism by the company's founders of certain decisions by its board, including executive compensation and severance payouts.

In a statement late on Friday, New York-based Rosen Law Firm called on aggrieved shareholders to come forward and said that it was investigating whether "Infosys may have issued materially misleading business information to the investing public". Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors.

The search for a new MD and CEO is on and in the meanwhile, Sikka will continue as the executive vice chairman of the company while COO UB Pravin Rao has taken over as the interim MD and CEO until the company appoints a new person for this role.

Infosys openly blamed Murthy in a statement for attacking Sikka, most recently in a leaked email - reported on Friday - that cited independent directors as saying Sikka was more chief technology officer material than CEO material.

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