INVESTIGATION ALERT FOR CTSH, PETQ, AND EROS: Hagens Berman Alerts Investors in CTSH, PETQ, and EROS to the Firm’s Investigation of Potential Disclosure Violations, Encourages Investors to Contact the Firm
Jun 20, 2019
SAN FRANCISCO,-- Hagens Berman Sobol Shapiro LLP alerts investors in CTSH, PETQ and EROS to the firm’s investigations into possible disclosure violations.
Cognizant Technology Solutions Corp. (NASDAQ: CTSH)
Relevant Period: Dec. 21, 2018 - May 2, 2019
/>For more information: https://www.hbsslaw.com/cases/CTSH
If you purchased or otherwise acquired Cognizant securities between December 21, 2018 and May 2, 2019, suffered losses, and wish to learn more about the investigation or have knowledge of facts that may assist the firm’s investigation contact Hagens Berman.
On May 2, 2019, Cognizant and senior management (1) announced disappointing Q1 2019 financial results, and (2) slashed the Company’s 2019 revenue outlook. In response, the price of Cognizant shares significantly fell on May 3, 2019.
“We’re focused on investors’ losses, whether certain current and former executives knew or should have known that the February 6, 2019 and earlier guidance was not executable due to weaknesses within the core Financial Services and Healthcare segments, and whether investors may have been misled,” said Hagens Berman partner Reed Kathrein.
PetIQ, Inc. (NASDAQ: PETQ)
Relevant Period: Securities acquired before April 30, 2019
/>For more information: https://www.hbsslaw.com/cases/PETQ
If you purchased or otherwise acquired PetIQ securities before April 30, 2019, suffered losses, and wish to learn more about the investigation contact Hagens Berman.
On April 30, 2019, an investment analyst published a report questioning certain accounting, PetIQ’s dependence on access to manufacturer rebates, and the background of certain senior executives. In response, the price of PetIQ shares significantly declined during intraday trading.
“We’re focused on investors’ losses, the matters raised by Spruce Point, and whether investors may have been misled,” said Hagens Berman partner Reed Kathrein.
If you purchased or otherwise acquired EROS securities before June 7, 2019, suffered losses, and wish to learn more about the investigation contact Hagens Berman.
On June 5, 2019, Eros’s Indian subsidiary’s debt suffered a severe downgrade due to “ongoing delays/default in debt servicing due to a slowdown in collection from debtors.” Then, on June 7, 2019, Hindenburg Research released a report explaining that the credit downgrade was due to “multiple undisclosed related-party transactions that appear designed to hide receivables,” and that “a significant portion of Eros’s receivables don’t exist.”
This news caused Eros’s shares to lose over 55% of its value in just two trading sessions, wiping out $250 million in market capitalization.
“We’re focused on investors’ losses, the accuracy of Eros’s financial reporting, and whether investors may have been misled,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Cognizant Technology Solutions Corp., PetIQ Inc., and Eros International Plc. should consider their options to help in the investigations or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000, or email CTSH@hbsslaw.com, PETQ@hbsslaw.com or EROS@hbsslaw.com.
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