The top-security ligitation law firm Brower Pivan is urging investors who suffered losses exceeding investments of over $100,000 in Cognizant Technology Solutions Corp (NASDAQ:CTSH) to come forward before the deadline as declared in the lawsuit.
This lawsuit originally was commenced in the United States District Court for the District of New Jersey. The lawsuit is on behalf of investors, who purchased into the company between February 25, 2016 and December 5,2016.
Furthermore, the state urges those who wish to become lead plaintiffs in the case to step forward, before the closing period.
The accusation on Cognizant Technology Solutions
The reason behind the lawsuit against Cognizant Technology Solutions, is primarly due to a violation of the Securities Exchange Act of 1934. This violation involves the company in question not disclosing important information during the class period.
This information pertained to Cognizant Technology Solutions lacking effective internal controls, mainly in regards to financial reporting. However, there is also an accusation that the company was involved in improper payments for various building permits, and licenses for its facilities across India.
Originally the value of Cognizant shares substantially declined on September 30. This was due to the announcement that Cognizant would be conducting an internal investigation into whether there were any improper or fraudulent payments into its facilities based in India.
For those who incurred losses from investments exceeding $100,000
The state would like to appeal to any who have been receptive of losses exceeding the $100,000 mark to step forward as a plaintiff. Furthermore, the law firm is encouraging any individuals who were aware of the conduct of this firm during the period in question to contact them. Amongst the various possible entrants, former employees, shareholders, and whistle-blowers were all invited to share information.