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Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased iGATE Corporation (“iGATE” or the “Company”) (Nasdaq: IGTE) stock between March 14, 2012 and May 21, 2013.
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The complaint alleges that defendants issued materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, it is alleged that former CEO and President Phaneesh Murthy, as well as the Company, misrepresented or failed to disclose that Murthy was involved in a relationship with a subordinate which was allegedly in violation of iGATE’s policies and Murthy’s employment contract. On May 20, 2013, the Company disclosed that its Board of Directors terminated Murthy, effective immediately, after an internal investigation revealed the relationship in violation of iGATE's policy and Murthy's employment contract. On this news, iGATE securities declined $1.58 per share or nearly 10%, to close at $14.82 per share on May 21, 2013.
If you suffered a loss in iGATE you have until August 13, 2013
to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at
email@example.com or by telephone at (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.