Another Lawsuit Filed Against Cognizant: Making matters worse for Teaneck-headquartered Cognizant Technology Solutions (CTS), Holzer & Holzer, LLC, an Atlanta-based law firm has announced that a class action lawsuit has been filed on behalf of investors of CTS.
The complaint alleges that CTS issued false and misleading statements about its business and operations between February 25, 2016 and September 30, 2016. This action follows a lawsuit filed by Rosen Law Firm, a global investor rights law firm in the US last month.
Another Lawsuit Filed Against Cognizant
According to the complaint, CTS made improper payments to obtain permits and building licences in India. On September 30, 2016, CTS announced through an SEC filing that it was conducting an internal investigation into possible violations of the US Foreign Corrupt Practices Act. The same SEC filing also spoke of the resignation of its president, Gordon Coburn. The price of Cognizant’s stock declined following the announcement.