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Case Status:    DISMISSED    
On or around 08/22/2013 (Ongoing date of last review)

Filing Date: June 14, 2013

According to the law firm press release, iGATE offers a range of information technology ("IT") solutions to large and medium-sized organizations using an offshore/onsite model. The Company's services include client/server design and development, conversion/migration services, offshore outsourcing, enterprise resource planning package implementation and integration services, and software development.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company's Chief Executive Officer and President was involved in an improper relationship with a subordinate employee in violation of iGATE's explicit
policies to the contrary; and (ii) the CEO's improper conduct created a risk that he would be terminated from the
Company, jeopardizing the Company's future success.

On May 20, 2013, the Company disclosed that its Board of Directors terminated the employment of the President and CEO, effective immediately, after an internal investigation revealed that the CEO had a relationship "with a subordinate employee and a claim of sexual harassment" in violation of iGATE's company policies and the employment contract. On this news, iGATE securities declined $1.58 per share or nearly 10%, to close at
$14.82 per share on May 21, 2013.

On May 22, 2013, the Company further revealed that the termination of the CEO was "'for cause,' and thus not entitled to severance payment under the terms of his Employment Agreement with the Company." In response to
his termination, the Defendant acknowledged that he had a personal relationship with a Company employee, which
was against company policy stating, "[i]t was a personal relationship. The company policy states that any two employees having a relationship have to inform the superiors." On this news, iGATE securities declined an additional $0.64 per share or more than 4%, to close at $14.18 per share on May 22, 2013.

On August 22, 2013, the plaintiff and their counsel voluntarily dismissed this action without prejudice against all of the defendants, Pursuant to F.R.C.P. 41(a)(1)(A)(i) of the Federal Rules of Civil Procedure.

COMPANY INFORMATION:

Sector:
Industry:
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: IGTE
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 13-CV-02737
JUDGE: Hon. Lucy H. Koh
DATE FILED: 06/14/2013
CLASS PERIOD START: 03/14/2012
CLASS PERIOD END: 05/21/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date