NEW YORK, Nov. 22, 2016 /PRNewswire/ -- 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.
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Take Action
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, visit www.faruqilaw.com/CTSH. 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 rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Cognizant's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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