Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed on behalf of purchasers of the common stock of SAIC, Inc.
("SAIC" or the "Company") (NYSE:SAI) between April 11, 2007 and
September 1, 2011, inclusive (the "Class Period"), seeking to pursue
remedies under the Securities Exchange Act of 1934. The class action
lawsuit was filed in the United States District Court for the Southern
District of New York.
SAIC provides scientific, engineering, systems integration and technical
services and solutions to the U.S. Department of Defense, the U.S.
Department of Homeland Security, other U.S. Government civil agencies,
the intelligence community and customers in selected commercial markets.
Since 2000, the Company has developed and implemented an automated
timekeeping and workforce management system ("CityTime") for certain
agencies of the City of New York. The Complaint alleges that defendants
misrepresented or failed to disclose material adverse facts about the
Company's financial performance and prospects, including that: (i) SAIC
had overbilled New York City hundreds of millions of dollars on the
CityTime project over a multi-year period; (ii) as a result of SAIC's
overbilling practices, its operating results during the Class Period
were materially misstated; (iii) SAIC's overbilling practices subjected
the Company to numerous undisclosed risks, including monetary risks and
reputational risks, particularly because government agencies are SAIC's
primary customers and any harm to its reputation and/or relationships
with such agencies would adversely affect its future revenues and growth
prospects; (iv) 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; (v) the Company's
financial statements were not fairly presented in conformity with
generally accepted accounting principles and were materially false and
misleading; (vi) certifications issued by certain of the defendants
associated with the Company's internal and disclosure controls were
materially false and misleading; and (vii), based on the foregoing,
defendants lacked a reasonable basis for their positive statements about
the Company and its business and prospects.
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. If
you purchased SAIC common stock between April 11, 2007 and September 1,
2011, you have certain rights, and have 60 days from the date of this
Notice to move for lead plaintiff status. To be a member of the class
you need not take any action at this time, and you may retain counsel of
your choice. If you wish to discuss this action or have any questions
concerning this Notice or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by
email to email@example.com,
or visit our website at http://www.howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire