On or around 06/05/2020 (Date of last review)
Filing Date: October 05, 2016
According to the law firm press release, the lawsuit alleges throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Cognizant lacked effective internal controls over financial reporting; (2) certain improper payments were for permits and building licenses for some of its 12 facilities in India; and (3) as a result, defendants’ statements about Cognizant’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 February 3, 2017, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on April 7. On June 6, Defendants filed a Motion to Dismiss the amended Complaint. On August 8, 2018, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss the amended Complaint. Lead Plaintiff was given leave to file an amended Complaint. Lead Plaintiff filed a second amended Complaint on April 26, 2019. Defendants filed Motions to Dismiss the second amended Complaint on June 10. On June 5, 2020, the Court issued an Order denying Defendants' Motions to Dismiss.
"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.
First Identified Complaint
Shane Park, et al. v. Cognizant Technology Solutions Corporation, et al.