Levi & Korsinsky, LLP announces the commencement of a class action lawsuit in the USDC for the District of New Jersey on behalf of of Cognizant Technology Solutions Corporation (NASDAQ: CTSH) shareholders who purchased shares between February 25, 2016 and September 30, 2016.
The complaint alleges that, Cognizant Technology officials failed to disclose in its Form 10-K for the fiscal year 2015 improper payments made by the Company for gaining permits and building licenses for some of its facilities in India. The complaint further alleges that the company lacked effective internal controls over financial reporting. On September 30, 2016, Cognizant Technology announced the resignation of company president, Gordon Coburn, on September 27, 2016. In the Form 8-K filed September 30, 2016, Cognizant Technology revealed that it is conducting an internal investigation involving possible violations of the U.S. Foreign Corrupt Practices Act and other applicable laws. Following the release of this information, Cognizant Technology stock fell $7.29 per share, or over 13%, to close at $47.71 per share on September 30, 2016.
If you suffered a loss in Cognizant Technology Solutions Corporation, you have until December 5, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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