The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for Attorneys' Fees and Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
In this securities class action (the "Action"), the Court-appointed Lead Plaintiffs, Union Asset Management Holding AG, Amalgamated Bank, as Trustee for the LongView Collective Investment Funds, and the Fire and Police Pension Association of Colorado (“Lead Plaintiffs”), allege that Cognizant Technology Solutions Corporation (“Cognizant”) and certain of its executives (collectively, “Defendants”) violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading statements about Cognizant’s business and financial results, including concerning certain payments relating to Company-owned facilities in India.
Lead Plaintiffs, on behalf of themselves and the Settlement Class, have reached a proposed settlement of the Action with Defendants for $95,000,000 in cash that, if approved, will resolve all claims in the Action (“Settlement”).
The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (“Settlement Fund”) less: (i) any Taxes; (ii) any Notice and Administration Costs; (iii) any Litigation Expenses awarded by the Court; (iv) any attorneys’ fees awarded by the Court; and (v) any other costs or fees approved by the Court) will be distributed in accordance with a plan of allocation approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Settlement Class. The proposed Plan of Allocation is set forth in pages 20-24 in the Notice .
If you are a Settlement Class Member, your rights will be affected and you may be eligible for a payment from the Settlement.
The Settlement Class consists of:
all persons and entities who purchased or otherwise acquired the common stock of Cognizant during the period from February 27, 2015 through September 29, 2016, inclusive.
Certain persons and entities are excluded from the Settlement Class by definition (see paragraph 29 of the Notice) or may request exclusion pursuant to the instructions set forth in the Notice (see paragraphs 58-59 of the Notice).
Please read the Notice to fully to understand your rights and options.
If you are a Settlement Class Member, in order to be potentially eligible to receive a payment from the Settlement, you must submit a Claim Form with adequate supporting documentation postmarked (if mailed), or online, no later than January 28, 2022.
Payments to eligible claimants will be made only after approval of the Settlement and the completion of all claims processing. Please be patient, as this process will take some time to complete.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
|SUBMIT A CLAIM FORM POSTMARKED (IF MAILED), OR ONLINE, NO LATER THAN JANUARY 28, 2022.
||This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in ¶ 39 in the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in ¶ 40 in the Notice), so it is in your interest to submit a Claim Form.
|EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 22, 2021.
||If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that may allow you to ever be part of any other lawsuit against Defendants or Defendants’ Releasees concerning the Released Plaintiffs’ Claims. Please note, however, if you exclude yourself from the Settlement Class, you may be time-barred from asserting the claims covered by the Action by a statute of repose.
|OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 22, 2021.
||If you do not like the proposed Settlement, the proposed Plan of Allocation, and/or the requested attorneys’ fees and Litigation Expenses, you may object by writing to the Court and explaining why you do not like them. You cannot object unless you are a member of the Settlement Class and do not exclude yourself from the Settlement Class.
|ATTEND A HEARING ON DECEMBER 20, 2021 AT 2:00 P.M. EST, AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 22, 2021.
||Filing a written objection and notice of intention to appear by November 22, 2021 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and Litigation Expenses. In the Court’s discretion, the December 20, 2021 hearing may be conducted by telephone or videoconference (see ¶¶ 65-66 in the Notice). If you submit a written objection, you may (but you do not have to) participate in the hearing and, at the discretion of the Court, speak to the Court about your objection.
||If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.
How do I obtain more information?
More detailed information about the Action and the Settlement is contained in the Notice. If you have questions, you may contact the Claims Administrator by calling toll-free 1-855-648-2213; emailing Info@CognizantSecuritiesLitigation.com; or mailing a letter to:
Cognizant Securities Litigation
c/o JND Legal Administration
P.O. Box 91421
Seattle, WA 98111
Inquiries should NOT be directed to the Court, the Clerk of the Court, Defendants, or their counsel.