Bangalore: The class action lawsuit filed against iGate and its former CEO, Phaneesh Murthy, by a shareholder of the company on June 14 in a California district court has been dismissed by the shareholder plaintiff.
iGate said no payment or consideration of any kind was made by any of the defendants in connection with the dismissal. The lawsuit was filed for iGate’s alleged failure to disclose that its former CEO Phaneesh Murthy was in a relationship with a subordinate employee. It was filed on behalf of those who acquired shares of iGate between March 14, 2012, and May 21, 2013, and sought to recover damages against the company and some of its officers and directors as a result of what it called “alleged violations of the federal securities laws”.
“We are pleased to put this matter behind us,” said Gerhard Watzinger, interim CEO of iGate. TNN
source:- http://epaper.timesofindia.com
iGate said no payment or consideration of any kind was made by any of the defendants in connection with the dismissal. The lawsuit was filed for iGate’s alleged failure to disclose that its former CEO Phaneesh Murthy was in a relationship with a subordinate employee. It was filed on behalf of those who acquired shares of iGate between March 14, 2012, and May 21, 2013, and sought to recover damages against the company and some of its officers and directors as a result of what it called “alleged violations of the federal securities laws”.
“We are pleased to put this matter behind us,” said Gerhard Watzinger, interim CEO of iGate. TNN
source:- http://epaper.timesofindia.com
No comments:
Post a Comment