Microsoft Suspended From PERM Program Amid H-1B Fraud Allegations
MSFT sits 50% above its 52-week low of $349.2.
Summary
The US Department of Labor suspended Microsoft from the PERM labor certification program, halting new and pending green card applications. Vice President Vance alleged Microsoft laid off 6,000 American workers while benefiting from 6,300 H-1B visas and nearly 3,000 green cards. Microsoft responded that remaining H-1B filings involve workers already legally in the US, accounting for only 1% of its workforce. Nasscom stated immigration and skilled talent mobility are distinct issues. The suspension follows an ongoing federal investigation into visa fraud.
At the time of this announcement, MSFT was trading at $522.50 on NASDAQ in the Technology sector, with a market capitalization of approximately $3.9T. The 52-week trading range was $349.20 to $553.72. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Asian News International.