Update on the Distribution of Net Settlement Funds
The Court has approved the distribution of the net settlement funds to eligible Court-approved Claimants who qualified for an award under the Plan of Allocation. A distribution of funds has occurred on the following date/s:
October 26, 2023
Subsequent distributions will occur on a rolling basis.
If you submitted a Claim in this case and have any questions related to that Claim, please contact the Claims Administrator whose contact information is listed here below:
1-855-648-2213, Info@CognizantSecuritiesLitigation.com
Please Note: The Claim Form is no longer available.
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”), alleged 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 settled the Action with Defendants for $95,000,000 in cash (“Settlement”).
On December 20, 2021, the Court held a hearing to consider final approval of the Settlement and related matters. Following the hearing, the Court entered a final Judgment approving the Settlement, an Order approving the Plan of Allocation for the proceeds of the Settlement, and an Order awarding attorney's fees and litigation expenses.
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 the 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 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 by request.
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 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. |
| DO NOTHING. |
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.
© JND Legal Administration. All rights reserved.
