On November 28, 2016, Jesse Cohn (Jesse), senior portfolio manager at Elliot Management Corporation (Elliot), wrote to the management board of American multinational IT services provider Cognizant Technologies Solutions (CTS), expressing concern over the latter’s stock performance. Elliot owned a stake of 4% in CTS (valued at around US$ 1.4 billion ), making it one of the top four shareholders in the company.

Jesse and his investment team at Elliot believed that CTS had potential for growth and needed to improve its operational performance and capital allocation policy. That would impact the shareholders’ wealth. ..

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