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MarketScreener Homepage  >  Equities  >  Nyse  >  Leidos Holdings Inc    

LEIDOS HOLDINGS INC

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SAIC, Inc. : Law Offices of Howard G. Smith Announces Class Action Lawsuit Against SAIC, Inc.

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02/23/2012 | 07:35pm EDT

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 howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com


© Business Wire 2012
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Roger A. Krone Chairman & Chief Executive Officer
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