On or around 09/09/2021 (Settlement preliminarily approval)
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.
On September 2, 2021, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on September 9.
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