Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Cognizant Technology Solutions Corporation To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Cognizant Technology Solutions Corporation (“Cognizant” or the “Company”) (NASDAQ:CTSH) of the December 5, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Cognizant securities between February 27, 2015 and September 30, 2016 (the “Class Period”). The case, PARK v. COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION et al, No. 2:16-cv-06509 was filed on October 5, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (1) Cognizant made improper payments for gaining permits and building licenses for a portion of its twelve (12) facilities in India; (2) the Company lacked effective internal controls over financial reporting; and (3) as a result, the Company’s statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
Specifically, on September 30, 2016, Cognizant announced that its President, Gordon Coburn, had resigned on September 27, 2016. In addition, the Company filed a Form 8-K with the Securities and Exchange Commission revealing that it “is conducting an internal investigation into whether certain payments relating to facilities in India were made improperly and in possible violation of the U.S. Foreign Corrupt Practices Act and other applicable laws.”
On this news, Cognizant’s share price fell from $55.00 per share on September 29, 2016 to a closing price of $47.71 on September 30, 2016 —a $7.29 or a 13.25% drop.
If you invested in Cognizant common stock or options between February 27, 2015 and September 30, 2016 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Cognizant’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.