The Rosen Law Firm, P.A. today announced that a class action lawsuit has been filed on behalf of investors who purchased the common stock of SAIC, Inc. during the period between April 11, 2007 and September 1, 2011, and is seeking to recover investors' damages from violations of federal securities laws.
To join the SAIC class action, visit the Rosen Law Firm's website at http://www.rosenlegal.com, or call Phillip Kim, Esq. or Jon Horne, toll-free, at 866-767-3653; you may also email or pkim@rosenlegal.com or jhorne@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint asserts violations of the federal securities laws against SAIC and its officers and directors for issuing false and misleading information to investors about the Company's true financial and business condition. Specifically, the Complaint alleges defendants misrepresented and/or failed to disclose that: (1) over a multi-year period, SAIC had overbilled New York City hundreds of millions of dollars on the CityTime project -- an initiative associated with the modernization of New York City's employee payroll system; (2) as a result of these overbilling practices, its operating results during the Class Period were materially misstated; (3) SAIC's overbilling practices subjected the Company to numerous undisclosed risks, including monetary risks and risks to the Company's reputation; (4) as a result of the foregoing, SAIC violated applicable accounting standards associated with the recognition of revenue and the disclosure and accounting for loss contingencies; and (5) the Company's financial statements were not fairly presented in conformity with generally accepted accounting principles and were materially false and misleading.
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