Xerox Corporation (NYSE:XRX) Investor Investigation Over Potential Violations of Securities Laws Announced

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Company Name(s): 
Xerox
Affected Securities: 
NYSE: XRX

Sept. 11, 2012 (Shareholders Foundation) -- An investigation on behalf of investors of Xerox Corporation (NYSE:XRX) shares was announced over potential securities laws violations by Xerox Corporation (NYSE:XRX and certain of its directors and officers in connection certain statements.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Xerox Corporation (NYSE:XRX) concerning whether a series of statements by Xerox Corporation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Xerox Corporation reported that its annual Revenue rose from over $15.17 billion in 2009 to over $22.62 billion in 2011, and that its Net Income increased over the same time periods from $485 million to over $1.29 billion.

Shares of Xerox Corporation (NYSE:XRX) grew from as low as $4.28 per share in March 2009 to as high as $12.00 in early December 2011.

On September 4, 2012, an article was published that said that Xerox Corporation and a wholly owned unit of Xerox Corporation that contracted with the U.S. state of Texas to process dental claim forms are being investigated to see if they helped allow dentists to submit higher-than-required bills under the state's Medicaid system.

According to the media report, the Texas Health and Human Services Commission is concerned that the unit did not dedicate sufficient trained staff to audit the Medicaid requests, letting dentists get paid for procedures not covered by the program.

Shares of Xerox Corporation (NYSE:XRX) closed on September 10, 2012 at $7.46 per share