The Law Firm of Levi & Korsinsky Notifies Investors With Losses on Their Investment in SAIC, Inc. of Class Action Lawsuit and the Deadline of April 23, 2012 to Seek a Lead Plaintiff Position
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 03/23/12 -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased SAIC, Inc. ("SAIC" or the "Company") (NYSE: SAI) stock between April 11, 2007 and September 1, 2011 (the "Class Period").
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The complaint alleges that during the Class Period defendants issued materially false and misleading statements regarding the following adverse facts: (a) that SAIC overbilled New York City hundreds of millions of dollars on the CityTime Project over a multi-year period; (b) that, as a result of SAIC's overbilling practices, its operating results during the Class Period were materially misstated; (c) that SAIC's overbilling practices subjected the Company to numerous undisclosed risks, including monetary and reputational risks; and (d) that the Company's financial statements were not presented in conformity with Generally Accepted Accounting Principles.
On August 31, 2011, SAIC announced a decline of approximately 6% in revenue and 23% in operating margin for the second quarter of 2012, ending July 31, 2011. Defendants also disclosed that the Company would likely have to make restitution to New York City. In response, shares of SAIC common stock dropped from $15.00 per share on August 31, 2011 to $12.97 on September 1, 2011.
If you suffered a loss in SAIC, you have until April 23, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at or by telephone at (877) 363-5972, or visit .
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
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Datum: 23.03.2012 - 15:07 Uhr
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