SAN DIEGO, Nov. 1, 2011 /PRNewswire/ -- Robbins Umeda LLP announces that the firm commenced a class action lawsuit on October 28, 2011, in the U.S. District Court for the District of Colorado on behalf of all persons or entities who purchased or otherwise acquired the securities of CIBER, Inc. ("CIBER" or the "Company") (NYSE: CBR) between December 15, 2010 and August 3, 2011 (the "Class Period"). The action is against the Company and certain of the Company's officers for violations of the Securities Exchange Act of 1934.
CIBER purports to be a global information technology consulting, services, and outsourcing company applying practical innovation through services and solutions that deliver tangible results for both commercial and government clients. CIBER is a Delaware corporation with principal executive offices located in Greenwood Village, Colorado.
The complaint alleges that beginning on December 15, 2010, the Company, along with certain officers at CIBER, issued a series of materially false and misleading statements to investors designed to deceive the market and cause shares of CIBER to trade at artificially high prices.In particular, the complaint alleges that officials at the Company failed to disclose to investors material adverse facts that: (1) CIBER lacked the operational discipline, process, and controls to properly evaluate the financial impact of its legacy contracts and the performance of its North American operations and, as such, had no basis to make positive statements about the Company's financial health and future growth; (2) CIBER could not achieve its reported business outlook and aggressive guidance due to the fact that unprofitable legacy fixed-price contracts would drag down the Company's revenue and earnings; and (3) the Company's declining sales in its North American division would continue throughout the 2011 transitional period and adversely affect the Company's 2011 financial results.