It is telling customers that its use of the B-1 visa, a business visitor visa that has been the subject of the probe, is used by less than 2% of its workforce in the U.S. at any given time.

But analysts are telling a different story to their clients that use offshore services. They are warning of risks, some of which are specific to Infosys and other risks that are broadly affecting an industry that relies on .

Infosys has been notifying investors of its legal situation in SEC filings. Last month it announced that "we and certain of our employees are targets of the investigation" following a meeting with the U.S. Attorney's Office for Eastern District of Texas.

That investigation was triggered by a lawsuit from a former employee, , which has been getting national attention. He is claiming harassment, including death threats, after refusing to help the company get B-1 visas.

Infosys' most recent SEC filing prompted Stephanie Moore of Forrester Research to recommend that customers move proactively to protect themselves.