Unisys faces class action

A class-action suit filed against Unisys claims that the company misled investors about its financial condition earlier this year.

The suit was filed this month by an undisclosed plaintiff on behalf of all investors who purchased or otherwise acquired Unisys securities between May 4 and October 14.

The suit was announced by the plaintiff's counsel, the law firm of Cohen, Milstein, Hausfeld & Toll. It didn't specify what remedy is sought.

A Unisys spokeswoman said the company has reviewed the complaint. "We believe it is totally without merit," said the spokeswoman.

The complaint charges that certain officers of the Blue Bell, Pa.-based company misrepresented its financial situation during the relevant period. According to the suit, Unisys issued misleading press releases regarding major contracts that failed to mention certain regulatory conditions that would delay the revenues expected from those contracts.

The action also alleges that the officers cashed in on the resulting rise in stock prices.

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