UNITED STATES COURT OF APPEALS FOR THE THIRD CIRCUIT _____________

No. 22-3027 _____________

In re: COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION DERIVATIVE LITIGATION

Josh Schaufelberger, Brian Hayden, Tim Keeley, Robert Calhoun, Glyn Ramage, Robert Green, Steven Tyler, and Michael Testerman, in their capacities as Trustees of the Employers and Laborers Locals 100 and 397 Pension Fund; John Lautzenheiser; Michael S. Graniero III; James B. Hoy, as Trustee and Beneficiary of the James B. Hoy & Marjorie A. Hoy TTEES FBO Marjorie A. Hoy Rev Liv Trust, Appellants _______________

On Appeal from the United States District Court for the District of New Jersey (D.C. No. 2-17-cv-01248) District Judge: Honorable Kevin McNulty _______________

Submitted Before Merits Panel on November 15, 2023 Resubmitted Sua Sponte En Banc on March 29, 2024 Before: CHAGARES, Chief Judge, JORDAN, HARDIMAN, KRAUSE, RESTREPO, BIBAS, PORTER, MATEY, PHIPPS, FREEMAN, MONTGOMERY-REEVES, CHUNG, and FUENTES,* Circuit Judges.

(Filed: May 3, 2024) William B. Federman Federman & Sherwood 10205 NW Pennsylvania Avenue Oklahoma City, OK 73120 Matthew F. Gately Peter S. Pearlman Cohn Lifland Pearlman Herrmann & Knopf Park 80 W, Plaza One 250 Pehle Avenue, Suite 401 Saddle Brook, NJ 07663 Benny C. Goodman, III Steven Hubachek Erik W. Luedeke Robbins Geller Rudman & Dowd 655 W Broadway, Suite 1900 San Diego, CA 92101 Counsel for Plaintiffs-Appellants James M. Ficaro Robert B. Weiser * Judge Fuentes is participating as a member of the en banc court pursuant to Third Circuit I.O.P. 9.6.4.

2 The Weiser Law Firm 200 Barr Harbor Drive Four Tower Bridge, Suite 400 West Conshohocken, PA 19428 Counsel for Plaintiff-Appellant Michael S. Graniero, III Gary S. Graifman Kantrowitz Goldhamer & Graifman 135 Chestnut Ridge Road, Suite 200 Montvale, NJ 07645 Britt W. Sowle Cavanagh & O’Hara 2319 W Jefferson Street Springfield, IL 62702 Counsel for Plaintiffs-Appellants Josh Schaufelberger, Brian Hayden, Tim Keeley, Robert Calhoun, Glyn Ramage, Robert Green, Steven Tyler, and Michael Testerman, in their capacities as Trustees of the Employers and Laborers Locals 100 and 397 Pension Fund Melissa A. Fortunato Bragar Eagel & Squire 810 Seventh Avenue, Suite 620 New York, NY 10019 Ligaya T. Hernandez Michael J. Hynes Hynes Keller & Hernandez 1150 First Avenue, Suite 501 King of Prussia, PA 19406

3 James S. Notis Gardy & Notis 560 Sylvan Avenue Englewood Cliffs, NJ 07632 Jennifer Sarnelli Gardy & Notis 126 E 56th Street, Eighth Floor New York, NY 10022 Counsel for Plaintiff-Appellant James B. Hoy, as Trustee and Beneficiary of the James B. Hoy & Marjorie A. Hoy TTEES FBO Marjorie A. Hoy Rev Liv Trust Charles A. Brown Daniel P. Roeser Goodwin Procter 620 Eighth Avenue The New York Times Building New York, NY 10018 William Evans Goodwin Procter 100 Northern Avenue Boston, MA 02210 William M. Jay Goodwin Procter 1900 N Street NW Washington, DC 20036 Counsel for Defendant-Appellee Cognizant Technology Solutions Corp.

4 Sarah D. Efronson Rajeev Muttreja Jones Day 250 Vesey Street, Floor 31 New York, NY 10281 Christopher J. Keale James H. Keale Tanenbaum Keale 100 Mulberry Street Three Gateway Center, Suite 1301 Newark, NJ 07102 Counsel for Defendant-Appellee Gordon Coburn Theodore V. Wells, Jr. Andrew J. Ehrlich Alison R. Benedon Paul Weiss Rifkind Wharton & Garrison 1285 Avenue of the Americas New York, NY 10019 Matthew D. Stachel Paul Weiss Rifkind Wharton & Garrison 1313 N Market Street P.O. Box 32, Suite 806 Wilmington, DE 19899 Counsel for