NEW YORK--(BUSINESS WIRE)--Milberg LLP announces that a class action lawsuit was filed on behalf of all purchasers of SAIC, Inc. (NYSE: SAI)(“SAIC” or the “Company”) common stock between April 11, 2007 and September 1, 2011 (“Class Period”).
Milberg LLP has created a website (www.saiclawsuit.com) that seeks to answer questions investors typically have about shareholder class actions.
The complaint alleges that SAIC did not disclose that during the Class Period the Company had overbilled New York City hundreds of millions of dollars on the CityTime Project and as a result of SAIC’s known, but undisclosed, overbilling practices, its operating results were materially misstated.
On August 31, 2011, SAIC issued a press release announcing its 2012 second quarter results, reporting an approximate 6% decline in revenue and a 23% decline in operating margin. SAIC said in a conference call that the Company’s revenues were, in part, adversely impacted by the “wind[ing] down” of the CityTime contract. In response to this revelation, shares of SAIC fell 14%, to $12.97.
If you purchased SAIC shares during the Class Period you may, no later than April 23, 2012, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that represents other class members in directing the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaint in this action was not filed by Milberg.
Milberg LLP has represented individual and institutional investors for over four decades and serves as lead counsel in Courts throughout the United States. Visit the Milberg website (www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, please contact the following attorneys:
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