American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
SpaceX Pivots Toward Moon City as Musk Reframes Long-Term Space Vision 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Kroger Set to Name Former Walmart Executive Greg Foran as Next CEO 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
NEW YORK, April 13, 2017 -- Safirstein Metcalf LLP announces that lawsuits were filed by shareholders against certain directors of Cognizant Technology Solutions Corp (“Cognizant” or the “Company”) (NASDAQ:CTSH) over alleged breaches of fiduciary duties.
If you purchased Cognizant shares before January 2016 and continue to hold your shares, and would like more information please call 1-800-221-0015, or email [email protected]
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.
Multiple lawsuits were filed by current investors in Cognizant Technology Solutions Corp against certain current and former officers of Cognizant Technology Solutions Corp over alleged breaches of fiduciary duties in connection with potential violations of the U.S. Foreign Corrupt Practices Act ("FCPA"). The plaintiffs allege among other things that certain of Cognizant Technology Solutions' public disclosures were false and misleading by failing to disclose that payments allegedly in violation of the FCPA had been made and by asserting that management had determined that Cognizant Technology Solutions' internal controls were effective. Furthermore, it is alleged certain current and former company executives sold almost $40 million of personally held shares of Cognizant Technology Solutions Corp stock at allegedly artificially inflated prices when they knew about the bribery scandal that had been concealed from investors.
The plaintiffs claim that as a result of the individual defendants' alleged false and misleading statements and omissions, Cognizant Technology Solutions Corp shares traded at artificially inflated prices during the relevant period, and that once the true facts regarding the company's financial prospects and future business prospects began to emerge, Cognizant Technology Solutions Corp's stock price fell dramatically, erasing hundreds of millions of dollars in market capitalization.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
Attorney advertising. Prior results do not guarantee a similar outcome.
Safirstein Metcalf LLP Peter Safirstein, Esq. 1250 Broadway 27th Floor New York, NY 10001 1-800-221-0015
