Izard Nobel LLP Announces Class Action Lawsuit Against SAIC, Inc.
(firmenpresse) - WEST HARTFORD, CT -- (Marketwire) -- 02/24/12 -- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of SAIC, Inc. ("SAIC" or the "Company") (NYSE: SAI) between April 11, 2007 and September 1, 2011, inclusive (the "Class Period").
The Complaint alleges SAIC and certain of its officers and directors violated the federal securities laws. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that SAIC had overbilled New York City hundreds of millions of dollars on the CityTime Project, a project associated with the modernization of New York City's employee payroll system, over a multi-year period; (ii) that, as a result of SAIC's known, but undisclosed, overbilling practices, its operating results during the Class Period were materially misstated; (iii) that SAIC's overbilling practices subjected the Company to numerous undisclosed risks, including monetary risks and reputational risks, particularly because government agencies are SAIC's primary customers and any harm to its relationships with such agencies would adversely affect its future revenues and growth prospects; (iv) that SAIC violated applicable accounting standards associated with the recognition of revenue and the disclosure and accounting for loss contingencies; and (v) SAIC's financial statements were materially false and misleading.
When the truth concerning SAIC's financial condition was disclosed, its share price dropped, damaging investors.
If you are a member of the class, you may, no later than April 23, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: , or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: . For more information about class action cases in general, please visit our website: .
CONTACT:
Nancy A. Kulesa
(800)797-5499
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Datum: 24.02.2012 - 15:45 Uhr
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