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Published February 18, 2025
When Telus International shifted from call centers to AI, its finances took a huge hit. Telus shareholders are now suing the Company to recover their losses.
Tech company Telus International typically provided call center solutions to businesses. But, in 2020 it shifted toward AI, despite the call centers’ proven success.
Throughout 2023, Telus’ CEO boasted about the AI market’s growth potential and said the Company was doing extremely well in AI. At the same time, though, the Company experienced losses which Telus blamed on “macroeconomic pressures.” The Complaint says Telus executives knew that wasn’t true.
Investors learned the truth in August 2024 when the Company announced staggering losses, including a 15% decline in revenue. The CEO admitted these losses were due to the move to AI “cannibalizing” Telus’ traditional call center revenue.
Furious investors quickly dumped their Telus shares, sending the Company’s stock tumbling 36% overnight. Now, some of those investors are joining the lawsuit.