NEW YORK--(BUSINESS WIRE)--Newman Ferrara LLP (www.nfllp.com) announces that a securities class action was filed on behalf of investors in SAIC, Inc. (“SAIC” or the “Company”) (NYSE: SAI) in the Southern District of New York.
Investors who purchased shares of the Company’s common stock between April 11, 2007, and Sept. 1, 2011 (the “Class Period”), and lost more than $100,000, are encouraged to contact Newman Ferrara partner Jeffrey M. Norton at (212) 619-5400 or jnorton@nfllp.com to discuss this action, the lead plaintiff process, or any questions concerning this notice. To serve as lead plaintiff, you must apply to be appointed by April 23, 2012. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. Lead plaintiffs are selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
According to the Complaint, SAIC, a scientific, engineering, and technology applications company, failed to properly disclose the company’s financial status and certain business records, including the fact that the Company: (1) overbilled New York City millions of dollars on the CityTime project; (2) materially misled its investors with regard to its overbilling practices and revenue outlook; (3) exposed itself to substantial legal liability and financial risk; and (4) violated numerous accounting practices.
On September 1, 2012, following disclosure of the Company’s wallowing financial position, accounting problems, and indebtedness to New York City, SAIC common shares fell 14% in a single day of trading.
Whistleblowers: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation with an emphasis on securities, ERISA, consumer fraud, products liability, civil rights and real estate. For more information, visit the firm website at www.nfllp.com.