Infosys Cooperates with Investigation of Business Visas

Infosys Ltd. (NASDAQ:INFY), the number 2 software service provider, has been subpoenaed by the U.S. District Court in Eastern Texas for documents related to use of short-term business visas, or B1 visas.

U.S. Securities and Exchange Commission filed the subpoenas due to its investigation of certain Infosys’ employees. A company spokesperson, Sarah Vanita Gideon, said the company is cooperating with the investigation and “we’ve never had a policy of visa misuse…” She was unsure of how many employees have B1 visas.

Here’s how Infosys shares are reacting to the news:

Infosys Technologies Ltd. (NASDAQ:INFY): INFY shares recently traded at $53.54, down $0.05, or 0.09%. They have traded in a 52-week range of $46.12 to $74.25. Volume today was 590,243 shares versus a 3-month average volume of 1,779,740 shares. The company’s trailing P/E is 18.53, while trailing earnings are $2.89 per share.

More from The Cheat Sheet