San Diego, CA -- (SBWIRE) -- 02/27/2012 -- The Shareholders Foundation announces that an investor in shares of SAIC, Inc. (NYSE:SAI) filed a lawsuit in the U.S. District Court for the Southern District of New York against Saic, Inc. over alleged violations of Federal Securities Laws in connection with certain statements in connection with its CityTime project.
Investors who purchased shares SAIC, Inc. (NYSE:SAI) between April 11, 2007 and September 1, 2011, have certain options and there are short and strict deadlines running. Deadline: April 23, 2012. NYSE:SAI stockholders should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the recently filed complaint the plaintiff alleges on behalf of purchasers of SAIC, Inc. (NYSE:SAI) common stock during the period between April 11, 2007 and September 1, 2011, that SAIC, Inc. and certain of its officers and directors violated the Securities Exchange Act of 1934. Specifically, the plaintiff alleges that between April 11, 2007 and September 1, 2011 defendants issued materially false and misleading statements regarding SAIC’s financial performance and future prospects.
Since 2000, SAIC, Inc has developed and implemented an automated timekeeping and workforce management system ("CityTime") for certain agencies of the City of New York.
In December 2010, the U.S. Attorney's Office for the Southern District of New York filed a criminal complaint against six individuals.
In May 2011, an indictment was unsealed against a former project manager for SAIC. The indictment against project manager alleged that he received more than $5 million in illegal kickbacks. In the same month another criminal complaint was filed against a former SAIC employee over allegations that the former employee conspired to defraud the City into extending the duration and overpaying for the CityTime project.
In June 2011, SAIC disclosed in a regulatory filing the criminal investigation by the U.S. Attorney for the Southern District of New York and revealed new details of its internal investigation of the Citytime project.
In July 2011, SAIC Inc disclosed that on June 29, 2011, SAIC Inc received a letter from Mayor Bloomberg which requested that SAIC Inc reimburse the city for the approximately $600 million paid by the city to SAIC Inc. for CityTime and the cost of investigating and remediating the CityTime program.
In October 2011, SAIC Inc disclosed in a filing with the SEC that, among other things, the employment of several senior officers at SAIC Inc was terminated due to failures of management with respect to the CityTime program.
Shares of SAIC, Inc. (NYSE:SAI) fell from over $17.50 per share in May 2011 to as low as $11.26 per share in November 2011.
Those who purchased shares SAIC, Inc. (NYSE:SAI) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego