November 7, 2016 / 11:38 AM / 9 months ago

BRIEF-Cognizant says to date, identified $5.0 mln in payments that may have been improper

Nov 7 (Reuters) - Cognizant Technology Solutions Corp

* Cognizant technology solutions - to date, internal investigation has identified total of about $5.0 million in payments that may have been improper

* Cognizant technology solutions-in q3 recorded out-of-period correction related to $3.1 million of payments previously capitalized that should have been expensed

* Cognizant technology solutions - concluded that have material weakness as of september 30, 2016

* Cognizant technology solutions-based on results of investigation, no material adjustments, restatements or other revisions to previous financial statements

* Cognizant technology solutions-remaining $1.9 million of total of about $5 million payments deemed improper by investigation to date remains under investigation

* Cognizant-Did not maintain "effective tone at the top" as senior management may have participated in or failed to take action to prevent potentially improper payments

* Cognizant-Senior management who may have participated in or did not take action to prevent potentially improper payments are no longer with co or in senior positions Source text for Eikon: (bit.ly/2frxRiV) Further company coverage:

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