The class action lawsuit filed against IT firm iGATE and its former CEO, Phaneesh Murthy, was voluntarily dismissed by the shareholder plaintiff in a United States District Court.
According to a press release issued by the company, no payment or consideration of any kind was made by any of the defendants in connection with the dismissal.
iGATE was slapped with the suit, by people who had purchased securities of the company between March 14, 2012 and May 21, 2013, for allegedly failing to disclose Mr. Murthy’s relationship with a subordinate employee.
“We are pleased to put this matter behind us,” said Gerhard Watzinger, President and CEO of iGATE, in a statement. “With this resolution, we can move forward and continue to focus on delivering the top-quality services and solutions iGATE customers have come to expect.”