NEW YORK, NY--(Marketwired - October 26, 2016) - The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Cognizant Technology Solutions Corporation ("Cognizant Technology" or "the Company") (NASDAQ: CTSH) between February 25, 2016 and September 30, 2016. You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the District of New Jersey. To get more information go to:
or contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
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 20, 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.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.