NEW YORK – February 5, 2025 ( NEWMEDIAWIRE ) – Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against TELUS International (Cda) Inc. (“Telus International” or the “Company”) (NYSE: TIXT), a company that provides digital customer experience solutions, on behalf of investors that purchased or otherwise acquired Telus International securities between February 16, 2023 and August 1, 2024 (the “Class Period”).
If you are an investor in Telus International and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than March 31, 2025 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
According to the complaint, throughout the Class Period, defendants made false and misleading statements that failed to disclose that Telus International’s shift toward Artificial Intelligence (“AI”) put great pressure on the Company’s margins and that the Company’s AI Data Solutions offerings required the cannibalization of its higher-margin offerings. Thus, unknown to investors, Telus International’s declining profitability was tied to the Company’s AI development.
On May 9, 2024, before the markets opened, Telus International announced in a press release for the first quarter of 2024 that the company was experiencing declining revenue. During the subsequent earnings call, an analyst asked for clarification on “what margins should look like on a go-forward basis” as margins “were down year-over-year and [] were below the full year guidance.” According to the complaint, the Chief Financial Officer, Gopi Chande, then revealed that the margins generated by the Company’s AI offerings “can be a bit below average.”
Following this news, the price of Telus International stock fell $1.41, over 18%, to close at $6.36 per share on May 9, 2024.
Then, on August 2, 2024, before the market opened, Telus International released second quarter 2024 financial results, revealing a significant slowdown in revenue generation, including a $15 million year-over-year revenue decrease for the quarter. The Company also disclosed that the President and Chief Executive Officer, Jeff Puritt, would retire effective September 3, 2024.
On this news, the price of Telus International stock fell $2.33, nearly 36%, to close at $4.15 per share on August 2, 2024.
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If you have any questions about this Notice, your rights, or your interests, please contact:
CONTACT:
Pamela A. Mayer
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
[email protected]
Laurence D. King
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
[email protected]