San Diego, CA -- (SBWIRE) -- 11/29/2016 -- An investigation on behalf of investors in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) concerning potential breaches of fiduciary duties by certain directors of Cognizant Technology Solutions was announced.
Investors who are current long term investors in Cognizant Technology Solutions Corp (NASDAQ:CTSH) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm for current long term investors in NASDAQ:CTSH stocks follows a lawsuit filed recently against Cognizant Technology Solutions over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:CTSH stocks, concerns whether certain Cognizant Technology Solutions directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of New Jersey the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Cognizant Technology Solutions Corp lacked effective internal controls over financial reporting, that certain improper payments were for permits and building licenses for some of its 12 facilities in India, and that as a result, defendants' statements about Cognizant Technology Solutions Corp's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damage.
On September 30, 2016, Cognizant Technology Solutions Corp 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, Cognizant Technology Solutions Corp also announced its President, Gordon Coburn's resignation.
Shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) declined on September 30, 2016 to as low as $45.44 per share.
Those who purchased shares of Cognizant Technology Solutions Corp have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego