May 24, 2013 (Shareholders Foundation) - An investigation on behalf of investors of iGATE Corporation (NASDAQ:IGTE) shares over potential securities laws violations by iGATE Corporation (NASDAQ:IGTE and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of iGATE Corporation (NASDAQ:IGTE) concerning whether a series of statements by iGATE Corporation (NASDAQ:IGTE regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

iGATE Corporation reported that its annual Total Revenue rose from $193.10 million in 2009 to over $1.07 billion in 2012 and that its respective Net Income increased from $28.57 million to $95.83 million.

Shares of iGATE Corporation grew from $9.67 per share in August 2011 2009 to $19.48 per share in April 2012.

On May 20, 2013, iGATE Corporation announced that its Board of Directors has decided to terminate the employment of President and CEO Phaneesh Murthy.

iGATE Corporation said that the Boards decision was made as a result of an investigation by outside legal counsel, engaged by the Board, of the facts and circumstances surrounding a relationship Mr. Murthy had with a subordinate employee and a claim of sexual harassment.

Shares of iGATE Corporation declined from $16.42 on May 21, 2013 to $14.32 per share on May 21, 2013, respectively to $13.981 per share on May 23, 2013.

On May 24, 2013, NASDAQ:IGTE shares closed at $14.23 per share.