Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Cognizant Technology Solutions Corporation
Oklahoma City, OK (October 7, 2016) – On October 5, 2016, a securities class action lawsuit was filed in the United States District Court for the District of New Jersey against Cognizant Technology Solutions Corporation (NASDAQ: CTSH). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is February 25, 2016 through September 30, 2016. More specifically, this litigation was filed because the Company disclosed on September 30, 2016: (1) the resignation of the Company’s President, Gordon Coburn; and (2) that the Company was conducting an internal investigation concerning 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, shares of Cognizant fell to close at $47.71 per.
Plaintiff seeks to recover damages on behalf of all Cognizant Technology Solutions Corporation shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, December 5, 2016 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Fri, October 7, 2016
by Robin Hester filed under