On September 30, 2016, pre-market, Cognizant 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, the Company also announced its President, Gordon Coburn's resignation. Following this news, Cognizant stock has dropped as much as $9.43 per share, or 17.15%, to $45.57 during intraday trading on September 30, 2016.
The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Cognizant lacked effective internal controls over financial reporting; (2) some inappropriate expenses for permits and building licenses for some of its 12 facilities in India; and (3) consequently, defendants' statements about Cognizant's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/ctsh or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Cognizant 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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