Cognizant Tumbles as President Leaves Amid Investigation
- Coburn abruptly resigns post after twenty years at company
- Internal probe reviewing payments at some facilities in India
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Cognizant Technology Solutions Corp. tumbled the most in more than four years after a key executive left abruptly amid revelations of an internal investigation into whether some payments in India violated the U.S. Foreign Corrupt Practices Act.
Gordon Coburn, who had been at Cognizant for two decades and most recently served as its president, resigned earlier this week, the Teaneck, New Jersey-based company said in a filing Friday.The probe is focused on a small number of company-owned facilities, the company said without elaborating. The stock fell 15 percent to $46.73 at 11:04 a.m. in New York after earlier dropping as much as 17 percent.