Ryan & maniskas, llp announces class action lawsuit against saic, inc.
Wayne, pa.--(business wire)--ryan & maniskas, llp (www.rmclasslaw.com/cases/sai) announces that a class action lawsuit has been filed in southern district of new york on behalf of all persons or entities that purchased the common stock of saic, inc. (“saic” or the “company”) (nyse: sai) between april 11, 2007 and september 1, 2011 (the “class period”). for more information regarding this class action suit, please contact ryan & maniskas, llp (richard a. maniskas, esquire) toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/sai. the complaint charges saic and certain of its officers and directors with violations of the securities exchange act of 1934. the complaint alleges that during the class period defendants issued materially false and misleading statements regarding the company’s financial performance and future prospects. specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (1) that saic had overbilled new york city hundreds of millions of dollars on the citytime project, a project associated with the modernization of new york city’s employee payroll system, over a multi-year period; (2) that, as a result of saic’s known, but undisclosed, overbilling practices, its operating results during the class period were materially misstated; (3) that 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; (4) that, as a result of the foregoing circumstances, saic violated applicable accounting standards associated with the recognition of revenue and the disclosure and accounting for loss contingencies; (5) that the company’s financial statements were not fairly presented in conformity with generally accepted accounting principles and were materially false and misleading; (6) that certifications issued by defendants kenneth c. dahlberg and mark w. sopp associated with the company’s internal and disclosure controls were materially false and misleading; and (7) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the company and its business and prospects. on august 31, 2011, saic issued a press release announcing its financial results for its 2012 second quarter, the period ended july 31, 2011. for the quarter, saic reported an approximate 6% decline in revenue and a 23% decline in operating margin. following this, defendants held a conference call with analysts and investors wherein defendants disclosed that the company’s revenues were, in part, adversely impacted by the “wind[ing] down” of the citytime contract and that, while the company could not quantify the amount, it believed that it was “probable” that saic would have to make restitution to new york city for wrongful conduct on citytime. in response to this, shares of saic common stock plummeted nearly 14%, from $15.00 per share on august 31, 2011 to $12.97 on september 1, 2012, as the artificial inflation came out of the company’s stock price. if you are a member of the class, you may, no later than april 23, 2012, request that the court appoint you as lead plaintiff of the class. a lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. in order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. under certain circumstances, one or more class members may together serve as "lead plaintiff." your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. you may retain ryan & maniskas, llp or other counsel of your choice, to serve as your counsel in this action. for more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/sai or contact richard a. maniskas, esquire toll-free at (877) 316-3218, or by e-mail at rmaniskas@rmclasslaw.com. for more information about class action cases in general or to learn more about ryan & maniskas, llp, please visit our website: www.rmclasslaw.com. ryan & maniskas, llp is a national shareholder litigation firm. ryan & maniskas, llp is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
