SAN DIEGO, Oct. 24, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in New Jersey on behalf of certain purchasers of shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) over alleged Securities Laws Violations by Cognizant Technology Solutions Corp.
The lawsuit seeks to recover damages for certain (NASDAQ:CTSH) investors.
Investors who purchased shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Cognizant Technology Solutions Corp lacked effective internal controls over financial reporting, that certain improper payments were for permits and building licenses for some of its 12 facilities in India, and that as a result, defendants’ statements about Cognizant Technology Solutions Corp’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damage.
On September 30, 2016, Cognizant Technology Solutions Corp revealed 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." Simultaneously, Cognizant Technology Solutions Corp also announced its President, Gordon Coburn's resignation.
Those who purchased Cognizant Technology Solutions Corp (NASDAQ:CTSH) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.