NEW YORK, May 22, 2013 /PRNewswire/ -- Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of iGATE Corporation ("iGATE" or the "Company") (NasdaqGS: IGTE). The investigation focuses on whether the Company and its executives violated federal securities laws.
On May 21, 2013, Shares of of iGATE fell $1.58 or 9.63% to close at $14.82 after the Company announced the immediate departure of its CEO, Phaneesh Murthy, for allegedly failing to report a relationship with a subordinate employee. "The board's decision was made as a result of an investigation by outside legal counsel, engaged by the board, of the facts and circumstances surrounding a relationship Mr. Murthy had with a subordinate employee," iGATE said in a statement. The ongoing investigation concluded that Murthy failed to disclose the relationship, a violation of company policy, as well as Murthy's employment contract. In a note to investors, Wells Fargo said Murthy's departure leaves a void at the company, adding that Murthy was heavily involved in sales and his departure may affect the company's near-term growth.
If you are aware of any facts relating to this investigation, or purchased shares of iGATE, you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
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 212-697-6484
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