NEW YORK--(BUSINESS WIRE)--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”).
For more information, click here: http://www.zlk.com/saic-sai. There is no cost or obligation to you.
The complaint alleges that during the Class Period defendants issued materially false and misleading statements regarding the Company’s financial performance and business prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (a) that SAIC 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; (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; (d) that, as a result of the foregoing circumstances, SAIC violated applicable accounting standards associated with the recognition of revenue and the disclosure and accounting for loss contingencies; (e) that the Company’s financial statements were not presented in conformity with Generally Accepted Accounting Principles and were materially false and misleading; (f) and that certifications issued by defendants Kenneth C. Dahlberg and Mark W. Sopp associated with the Company’s internal and disclosure controls were materially false and misleading.
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. Following this announcement, defendants also disclosed that the Company would likely have to make restitution to New York City for wrongful conduct on the CityTime Project. In response to this disclosure, shares of SAIC common stock dropped from $15.00 per share on August 31, 2011 to $12.97 on September 1, 2011 on heavy volume.
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 jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://www.zlk.com.
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.