Case Name: Cognizant Technology Solutions
Class Period: 2/27/2015 -- 09/29/2016
Settlement Fund: $90,000,000
Claim Filing Deadline: 1/28/2022
Investors are receiving notices this week in the Cognizant Technology Solutions securities litigation. The team at CCC is already reviewing trade data and preparing claims in this case for hundreds of our clients and tens of thousands of their clients. If you want the burden of filing claims in this settlement, and in any of the other 35+ upcoming securities class action settlements, give us a call today at 312-204-6970.
What this case is about
On September 30, 2016 Cognizant Technology Solutions announced that it was conducting an internal investigation into whether certain payments it had made to companies in India violated the U.S. Foreign Corrupt Practices Act. Shortly after the announcement, according to the plaintiff’s Second Amended Complaint, “The Company’s stock price fell more than 13%, or $7.29 per share, from $55.00 to $47.71 on the year’s highest trading volume by far (over 53 million shares). This one-day decline, by itself, eradicated $4.4 billion in shareholder value.”
But the trouble was only getting started.
Cognizant’s former president, Gordon Coburn, and its chief legal counsel, Steven Schwartz, were eventually indicted for participating in a bribery scheme, wherein they allegedly paid one or more Indian officials $2 million in order to create an office park, and concealed the transaction via a payment to a third-party construction contractor. The company itself eventually paid a $25 million fine to settle charges filed by the Securities and Exchange Commission.
Both Coburn and Schwarz vehemently deny any wrongdoing. In June, the Wall Street Journal reported that that the fight between the two officers and their former company had become bitter. Coburn and Schwartz claimed Cognizant had undermined their defense and that the government was relying too much on the company’s version of events—one they alleged to be shoddy. They further claimed that Cognizant had spied on them through a kind of mole on Schwartz’s own legal team. Cognizant, for its part, has sued a member of Schwartz defense team, alleging he overcharged the company for its services (which the company was obliged to pay). Their trial is set for March 22, 2022.
Per usual, in the settlement notice in the securities case, the defendants deny any wrongdoing, despite the $25 million SEC settlement. In fact, that case was settled without admitting or denying the company’s role in any bribery. Victory has a thousand fathers, but a bribery scheme, like failure, turns out to be an orphan as well.
Plaintiff attorneys who specialize in securities class actions are currently investigating potential claims against the following firms: Credit Suisse Group AG, Faraday Future Intelligent Electric, Novavax, and Organogenesis Holdings.
Below is a brief description of each inve... Read More
Case Name: Petrobras Fair Fund
Case Name: GreenSky
Case Name: Symantec, n/k/a NortonLifeLock
Settlement Fund: $70,000,000
Claim Filing Deadline: Read More
“I could go on and on, but bottom line, the fees being charged are much less than what I was spending in house to file and this is just one less thing I have to spend time trying to figure out how to complete on a consistent basis. Dealing with the CCC staff has been a very positive thing.”
“We were spending countless hours on class action claims before we signed on with CCC in January. Matt Murray and their technical team ensured our data transmission was seamless and secure. We found everyone at CCC to be professional, courteous, and accommodating.”
“Signing with CCC has made a huge difference. Before, it was horrible. We had to print thousands of pieces of paper, invite clients to come in and sit down with us to show them where to find the transactions, how to input them into the Proof of Claim forms. Now it's simple. It’s very nice to be able to tell our client, “You can shred that Proof of Claim form because CCC has it taken care of.”
Registered Investment Advisor
“Your client reporting portal and customer service is the reason we chose Chicago Clearing. I send the data on an annual basis to CCC and they take it from there. My clients are protected (if there is a class action, it is getting filed), the Bank is protected (we are meeting our fiduciary obligation by filing the claims)."