STEVENSON, Md., June 18, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of iGATE Corporation ("iGATE" or the "Company") (Nasdaq:IGTE) securities during the period between March 14, 2012 and May 21, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in iGATE Corporation securities purchased on or after March 14, 2012, and held through any of the revelations of negative information on May 20, 2013, and/or May 22, 2013, as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 13, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company's Chief Executive Officer and President, Phaneesh Murthy ("Murthy"), was involved in an improper relationship with a subordinate employee in violation of iGATE's explicit policies to the contrary, and that Murthy's improper conduct created a risk that he would be terminated from the Company, jeopardizing the Company's future success. According to the complaint, following the Company's May 20, 2013 disclosure that its Board of Directors terminated Murthy's employment after an internal investigation revealed that Murthy had a relationship with a subordinate employee in violation of iGATE's company policies and Murthy's employment contract and that the employee had filed a claim of sexual harassment and the Company's May 22, 2013 disclosure that Murthy's termination was "for cause," the value of iGATE shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation