San Diego, CA -- (SBWIRE) -- 06/17/2013 -- An investor, who purchased shares of iGATE Corporation (NASDAQ:IGTE), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by iGATE Corporation in connection certain allegedly false and misleading statements made between March 14, 2012 and May 21, 2013.

Investors who purchased shares of iGATE Corporation (NASDAQ:IGTE) between March 14, 2012 and May 21, 2013, and / or those who purchased NASDAQ:IGTE shares prior to March 2012 and hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: August 13, 2013. NASDAQ:IGTE investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf all persons or entities who purchased or otherwise acquired securities of iGATE Corporation (NASDAQ:IGTE) between March 14, 2012 and May 21, 201, that iGATE Corporation and certain of its officers and directors violated federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that Defendants issued allegedly false and/or misleading statements and/or failed to disclose that the Company's Chief Executive Officer and President "Murthy" was involved in an improper relationship with a subordinate employee in violation of iGATE's explicit policies to the contrary and that Murthy's improper conduct created a risk that he would be terminated from the Company, jeopardizing the Company's future success.

On May 20, 2013, iGATE Corporation announced that its Board of Directors has decided to terminate the employment of President and CEO Phaneesh Murthy.

iGATE Corporation said that 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 and a claim of sexual harassment.

Shares of iGATE Corporation declined from $16.42 on May 21, 2013 to $14.32 per share on May 21, 2013, respectively to $13.981 per share on May 23, 2013.

On June 14, 2013, NASDAQ:IGTE shares closed at $14.81 per share.

Those who purchased shares of iGATE Corporation (NASDAQ:IGTE) have certain options should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com