Cohen Milstein Sellers & Toll PLLC Announces the Investigation of iGATE Corporation
Cohen Milstein Sellers & Toll PLLC Announces the Investigation of iGATE Corporation
WASHINGTON--(BUSINESS WIRE)-- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether iGATE Corporation ("iGATE" or the "Company") and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Northern District of California by another law firm on behalf of purchasers of the common stock of iGATE Corporation (NAS: IGTE) between March 14, 2012 and May 21, 2013, inclusive (the "Class Period").
The complaint alleges that iGATE and one of its officers ("Defendants") misrepresented and/or failed to disclose that: (1) the Company's future prospects were particularly dependent upon the skills and connections of its Chief Executive Officer and President, Phaneesh Murthy, who had a history of sexual harassment while at a prior company; (2) Murthy became involved in an improper relationship with a subordinate employee in violation of iGATE's explicit policies to the contrary; and (3) Murthy's improper conduct created a risk that he would be terminated from the Company, jeopardizing the Company's future success. As such, the complaint alleges that Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies during the Class Period.
On May 20, 2013, the Company disclosed that its Board of Directors terminated Murthy, effective immediately, after an internal investigation revealed that Murthy had a relationship "with a subordinate employee" and there was "a claim of sexual harassment" in violation of iGATE's company policies and Murthy's employment contract.
On May 21, 2013, the price of iGATE's securities dropped $1.58 a share to close at $14.82.
Cohen Milstein encourages all investors who purchased iGATE common stock between March 14, 2012 and May 21, 2013 or former employees with information concerning this matter to contact the firm.
If you are an iGATE shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. If you wish to serve as lead plaintiff, you must move the Court no later than August 13, 2013 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia and Palm Beach Gardens, and is active in major litigation pending in federal and state courts throughout the nation.
The firm's reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Asha Williams
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com; awilliams@cohenmilstein.com
Attorney Advertising
Cohen Milstein Sellers & Toll PLLC
Steven J. Toll, Esq.
888-240-0775 or 202-408-4600
stoll@cohenmilstein.com
or
Asha Williams
888-240-0775 or 202-408-4600
awilliams@cohenmilstein.com
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