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A class action lawsuit filed against iGate Corp. (NASD: IGTE) was voluntarily dismissed by the plaintiff, the company announced today. The suit was filed the wake of the dismissal of CEO Phaneesh Murthy and a decline in market value of the stock at the time.
The company terminated Murthy’s employment in May for failure to disclose a relationship with a subordinate.
IGate, a Fremont, Calif.-based information technology services firm, reported that no payment of consideration of any kind was made by it in connection with the dismissal
The suit was first filed June 14 in federal court for Northern California.
“We are pleased to put this matter behind us,” said iGate President and CEO Gerhard Watzinger. “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.”