BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming December 5, 2016 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) of investors who purchased Cognizant Technology Solutions Corporation (“Cognizant” or the “Company”) (NASDAQ: CTSH) securities between February 25, 2016 and September 30, 2016, inclusive (the “Class Period”). Cognizant investors have until December 5, 2016 to file a lead plaintiff motion.
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 disclosed that it was “conducting an internal investigation” concerning whether “certain payments relating to facilities in India were made improperly and in possible violation of the U.S. Foreign Corrupt Practices Act.” Additionally, Cognizant announced the resignation of the Company’s President, Gordon Coburn.
On this news, shares of Cognizant fell over 13% to close at $47.71 per share on September 30, 2016, thereby injuring investors.
If you purchased shares of Cognizant during the Class Period you may move the Court no later than December 5, 2016 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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