BERKELEY, Calif., March 16, 2012 /PRNewswire/ -- Hagens Berman today reminded investors that only 39 days remain before the lead plaintiff deadline in a securities class-action lawsuit filed against Science Applications International Corporation ("SAIC") (NYSE: SAI).
Investors who purchased shares of SAIC common stock between April 11, 2007, and Sept. 1, 2011, (the "class period"), have losses greater than $100,000 and desire to be a lead representative plaintiff can contact the firm for a consultation.
Investors can reach Partner Reed Kathrein, who is leading the firm's investigation, by calling (510) 725-3000. They can also contact Mr. Kathrein online by sending an email to SAIC@hbsslaw.com or by visiting www.hbsslaw.com/SAIC. The deadline to move the court for lead plaintiff is April 23, 2012.
The investigation centers around claims that SAIC failed to disclose possible overbilling in its role in New York City's "CityTime" project, part of a planned update to the city's employee payroll system.A settlement has been announced under which SAIC will pay $500 million to settle claims that it received kickbacks from Technodyne, LLC, in exchange for CityTime subcontractor work. "The settlement will help restore the government's losses, but investors are still waiting for their day in court," said Mr. Kathrein. "We will continue to investigate this matter to determine if SAIC failed to disclose facts that had a material impact on the stock price, including that it may have defrauded the City of New York." Persons with knowledge that may help the investigation are also encouraged to contact the firm. The SEC recently finalized new rules as part of its implementation of the whistleblower provisions in the Dodd-Frank Wall Street Reform Bill. The new rules protect whistleblowers from employer retaliation and allow the SEC to reward those who provide information leading to a successful enforcement with up to 30 percent of the recovery.
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