SAN FRANCISCO, Oct. 03, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Cognizant Technology Solutions Corp. (NASDAQ:CTSH) to the firm’s investigation into possible securities law violations in connection with Cognizant’s recently disclosed internal corruption investigation.
If you purchased or otherwise acquired securities of CTSH before September 30, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/CTSH
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing CTSH@hbsslaw.com.
On September 30, 2016, Cognizant Technology filed its Form 8-K with the United States Securities and Exchange Commission announcing the abrupt resignation of its President, Gordon Coburn, on September 27, 2016. The Company also disclosed 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[]” and “voluntarily notified the United States Department of Justice…and United States Securities and Exchange Commission…and is cooperating fully with both agencies.”
This news drove the price of Cognizant shares down as much as 17% during heavy intra-day trading on September 30, 2016. Bloomberg observed, “Coburn was the face of the company to investors.” The Company failed to reiterate its earnings guidance within its 8-K filing.
“Though Cognizant notified the DOJ and SEC, we’re investigating the scope and duration of the Company’s possible corrupt practices,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Cognizant Technology should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email. CTSH@hbsslaw.com.
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