Whistleblower Case Dismissal Partly Removes Overhang on Infosys (INFY) - Goldman

August 21, 2012 7:37 AM EDT
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Goldman Sachs commented on Neutral-rated Infosys Technologies (NASDAQ: INFY) following news Monday that the Palmer whistleblower case was dismissed.

In February 2011, Mr. Palmer filed the lawsuit alleging that Infosys was improperly utilizing the US B-1 business visitor visa program, among other things. The judge found no basis to support these charges and dismissed the case entirely.

Goldman said the dismissal "partly alleviates a major overhang related to legal risks in US.." However, they warn that the company still faces a number of legal proceedings in US: 1. DoJ Investigation; 2. DHS review; 3. Similar whistleblower
case in California.

For an analyst ratings summary and ratings history on Infosys Technologies click here. For more ratings news on Infosys Technologies click here.

Shares of Infosys Technologies closed at $42.67 yesterday.

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