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<ul><li>Two US-based law firms are looking to file class-action securities claims against <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> for sharing materially misleading information to shareholders. </li><li>Delay in sharing loan numbers with the Reserve Bank of India (RBI), scandal in vehicle loans and net profit missing market estimates are the primary factors highlighted.</li><li>If enough shareholders sign up, these law firms will officially be able to file their lawsuits.</li></ul>HDFC Bank has been accused of issuing ‘materially misleading business information’ to its investors by two US-based law firms, <a href="https://www.businesswire.com/news/home/20200816005042/en/INVESTIGATION-ALERT-Schall-Law-Firm-Announces-Investigating">Schall Law Firm</a> and <a href="https://www.businesswire.com/news/home/20200816005034/en/HDB-EQUITY-ALERT-Rosen-Law-Firm-Announces">Rosen Law Firm</a>. They are looking to file a securities class action against the bank on behalf of its shareholders. <div type="Article" hostid="261" msid="77033494" title="HDFC Bank is mum on the loans under moratorium⁠— profit jumps 20%, provision for bad loans spike 49%" mstype="2" mssubtype="0"></div> The firms outline a repeated pattern by the Indian bank of not disclosing important information to shareholders. Three instances in particular — probe into loans practices in vehicle financing, delay in providing loan details to the RBI, and lower net profits — have been called into question. "We were unaware of any such development (class action lawsuit) till we heard about it from the media a little earlier today. We are getting details of it. We’ll examine it and respond to it as appropriate. Prima facie it does look frivolous as we believe we have been transparent in our disclosures," HDFC Bank told Business Insider India. HDFC Bank — Transparency concerns mount As per the law firms, HDFC Bank failed to disclose the probe into allegations of improper lending practices and conflicts of interest involving the unit’s former head, which was first reported by <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-probes-lending-practices-at-vehicle-unit/articleshow/76931492.cms?from=mdr">Bloomberg</a> on July 13. “On this news, HDFC Bank’s depositary receipt price fell $1.37 per share, or 2.83%, to close at $47.02 per share.” said <keyword id="3727326" type="PERSON" weightage="20" keywordseo="Rosen-Law-Firm">Rosen Law Firm</keyword>. Later that month, when the bank reported its first-quarter earnings, it missed market estimates for net profit as per both law firms. HDFC Bank’s transparency was again brought into question in August when it was reported that the bank was late in providing details of loans and the repayment status of its borrows to the Reserve Bank of India (RBI) — something that has been an issue for nearly two years. Both, Rosen Law Firm and <keyword id="8441123" type="UNKNOWN" weightage="20" keywordseo="Schall-Law-Firm">Schall Law Firm</keyword>, are seeking more information from HDFC Bank shareholders who are looking to recuperate their losses. If enough shareholders step up to claim their losses, the law firms will be able to file a class-action lawsuit against the bank. This comes at a time when CEO and MD Aditya Puri, who built the bank from scratch and has been at the helm for 26 years, <a href="https://www.businessinsider.in/finance/banks/news/hdfc-banks-aditya-puri-believes-sashidhar-jagdishan-is-the-worthiest-person-to-succeed-him/articleshow/77540644.cms">is gearing up for retirement</a>. Sashidhar Jadishan, who has been with the bank since 1996, is set to replace him as the new CEO on October 27. HDFC Bank just finished raising ₹15,000 crore through qualified institutional placement (QIP) on Saturday. Investors were allocated ₹41.89 crore shares at ₹358 per share. The bank is cushioning its balance sheets along with other Indian banks before the RBI’s moratorium on loan repayments comes to an end on August 31. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-banks-aditya-puri-believes-sashidhar-jagdishan-is-the-worthiest-person-to-succeed-him/articleshow/77540644.cms">HDFC Bank's Aditya Puri believes Sashidhar Jagdishan is the 'worthiest person' to succeed him</a>

HDFC Bank faces class-action lawsuits from two US-based law firms — calls them 'frivolous'

New Delhi, Dec 13 () Infosys on Friday said it is not aware of any additional complaints made against the company other than the one it had disclosed to the bourses in October this year.
 The clarification comes amid reports of the US-based Schall Law Firm saying it has filed a class-action lawsuit against Infosys to recover losses suffered by investors in the wake of allegations of "unethical practices" at the Indian IT major.
 Infosys, in a regulatory filing on Friday, said the company is aware of several reports referencing an additional securities class-action lawsuit against Infosys.
 "The company is not aware of any additional complaints, other than the initial complaint, which was disclosed on October 24, 2019," it added.
 Infosys pointed out that it is not uncommon for plaintiffs' lawyers to issue press releases or other media communications asking potential plaintiffs to contact them in order to apply for lead plaintiff status in an existing lawsuit.
 "It appears that the press communications by the Schall Law Firm is soliciting potential lead plaintiff applicants," it said.
 In October, Infosys had informed the stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management. US market regulator SEC has also initiated a probe on the matter, while Rosen Law Firm had said it was preparing a class-action lawsuit to recover losses suffered by Infosys investors in the US.
 The Schall Law Firm, a national shareholder rights litigation firm, had announced the filing of a class-action lawsuit against Infosys Ltd, and asked investors who had purchased the company's securities between July 7, 2018 and October 20, 2019, inclusive (class period), to contact the firm before December 23, 2019.
 Stock exchange BSE had sought a clarification from Infosys on reports that the company was facing another lawsuit in the US.
 Infosys Chairman Nandan Nilekani had said the whistleblower complaint dated September 20, as well as an undated complaint had been received by one of the board members on September 30.
 In the letter, dated September 20, and signed by ''Ethical Employees'', it was alleged that CEO Salil Parikh as well as Chief Financial Officer Nilanjan Roy engaged in forced revenue recognition from large contracts not adhering to accounting standards.
 The complaints were placed before the audit committee on October 10, and to the company's non-executive board members on October 11, also the day when Infosys announced its second quarter results.
 Infosys has been investigating the whistleblower complaints. An external law firm has been roped in to conduct an independent investigation into the allegations.
 The Bengaluru-based company has said it will share the outcome of the investigation with all stakeholders at the relevant time.
 The Securities and Exchange Board of India (Sebi) had sought additional information from the company, while the National Financial Reporting Authority (NFRA) - part of the corporate affairs ministry - is also looking into alleged accounting lapses at the firm. SR HRS

Not aware of any complaints against company other than one disclosed in October: Infosys

New Delhi, Dec 12 () US-based Schall Law Firm has said it will file a class action lawsuit against Infosys Ltd to recover losses suffered by investors in the wake of allegations of "unethical practices" at the Indian IT major.
 In October, Infosys had informed the stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management.
 US market regulator SEC has also initiated a probe on the matter, while Rosen Law Firm had said it was preparing a class action lawsuit to recover losses suffered by Infosys investors in the US.
"The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Infosys Ltd for violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the US Securities and Exchange Commission," a statement said.
It asked investors who had purchased the company's securities between July 7, 2018 and October 20, 2019, inclusive (class period), to contact the firm before December 23, 2019.
Infosys declined to comment on the matter. 
Company shares dropped 2.63 per cent on the BSE Thursday.
Infosys Chairman Nandan Nilekani had said the whistleblower complaint dated September 20, as well as an undated complaint had been received by one of the board members on September 30.
In the letter, dated September 20, and signed by ''Ethical Employees'', it was alleged that CEO Salil Parikh as well as Chief Financial Officer Nilanjan Roy engaged in forced revenue recognition from large contracts not adhering to accounting standards.
The complaints were placed before the audit committee on October 10, and to the company's non-executive board members on October 11, also the day when Infosys announced its second quarter results.
Infosys has been investigating the whistleblower complaints. An external law firm has been roped in to conduct an independent investigation into the allegations.
The Bengaluru-based company has said it will share the outcome of the investigation with all stakeholders at the relevant time.
 The Securities and Exchange Board of India (Sebi) had sought additional information from the company, while the National Financial Reporting Authority (NFRA) - part of the corporate affairs ministry - is also looking into alleged accounting lapses at the firm. SR SR MR
MR

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HDFC Bank faces class-action lawsuits from two US-based law firms — calls them 'frivolous'

Prabhjote Gill

Not aware of any complaints against company other than one disclosed in October: Infosys

PTI

Infosys faces another lawsuit in US

PTI

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