Cognizant investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Cogniznat provides information technology (IT), consulting, and business process services worldwide. The Company’s development and delivery centers and technical professionals are positioned globally, with the majority located in India.
The complaint alleges that defendants, throughout the Class Period, made false and/or misleading statements and/or failed to disclose that: (1) Cognizant lacked effective internal controls over financial reporting; (2) certain improper payments were for permits and building licenses for some of its 12 facilities in India; and (3) as a result, defendants’ statements about Cognizant’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On September 30, 2016, the Company announced that the Company’s President, Gordon Coburn, resigned from his position on September 27, 2016. That same day, the Company filed a Form 8-K with the SEC revealing, among other things, that it was conducting a corruption probe which, according to an article published on October 4, 2016 by The Indian Express, “[t]he investigation is currently focused on improper payments such as building licen[s]es, permits, etc., involving a small number of Company-owned facilities in India.”
Following this news, shares of the Company fell $7.29 per share or over 13% to close at $47.71 per share on September 30, 2016.
If you are a member of the class described above, you may no later than December 5, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at email@example.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at firstname.lastname@example.org