Infosys Shares Gain After U.S. SEC Concludes Probe Over Whistleblower Complaints
“The company does not anticipate any further action by the U.S. SEC on this matter,” Infosys says in an exchange filing.
Shares of Infosys Ltd. jumped in early trade today after the software services provider said the U.S. market regulator had concluded its investigation into the company regarding it most recent whistleblower charges.
“The company does not anticipate any further action by the U.S. SEC on this matter,” Infosys said in an exchange filing. The company has and will continue cooperating with Indian authorities in answering any questions if the need arises, the filing said.
Infosys shares surged as much as 10 percent in an otherwise volatile market amid the coronavirus pandemic. The Nifty 50 fluctuated between gains and losses to trade 2.63 percent higher as of 11:44 a.m.
Infosys’ own audit committee, in January, led an independent investigation into whistleblower allegations of “unethical practices”. It found no evidence of financial impropriety or misconduct by its Chief Executive Officer Salil Parekh and Chief Financial Officer Nilanjan Roy.
“The audit committee concluded that no restatement of previously announced financial statements or other published financial information is warranted,” it had said.