Whistleblowers Accuse Infosys Execs Of Hiding Damaging Figures: Report. Exposing Misconduct.

Whistleblowers Accuse Infosys Execs Of Hiding Damaging Figures: Report

October 21, 2019

Infosys whistleblowers are accusing the CEO and CFO of misleading the board as well as shareholders by withholding some figures in order to make the company’s performance appear better than it is, according to a report.

In two letters published by the Economic Times of India, the whistleblowers said last quarter they were told not to report the cost of visas to improve the appearance of profits. This quarter, they said, they were told not to recognize reversals of $50 million in upfront payment in an “FDR contract.”

“As this will reduce profits for the quarter and negative (sic) for stock price, they are putting pressure not to take the charge,” the letter provided to the Economic Times reads. “Critical information is hidden from the auditors and Board. In large contracts like Verizon, Intel, and JVs in Japan, ABN Amro acquisition, revenue recognition matters are forced which are not as per accounting standards.”

Read more here.
The materials on this website are for general information purposes only and should not be construed as legal advice, legal opinion or any other advice on any specific facts or circumstances. Readers should not act or refrain from acting upon this information without seeking professional advice. Transmission of information on or by use of this website is not intended to create, and receipt does not constitute, a lawyer-client relationship between the sender and receiver.
Mobile Menu
×