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Cohen Milstein Sellers & Toll PLLC announces that it has filed a class action lawsuit in the U.S. District Court for the Eastern District of Virginia on behalf of all purchasers of SAIC, Inc. (“SAIC”) (NYSE: SAI) common stock during the period between April 11, 2007 and September 1, 2011, inclusive (the “Class Period”).
SAIC provides defense, intelligence, homeland security, logistics, energy, environment, and health solutions and services to federal, state, and local government agencies, foreign governments, and customers in select commercial markets. SAIC maintains its corporate headquarters in McLean, Virginia, which is within the Eastern District of Virginia where the Complaint was filed.
The Complaint alleges that SAIC and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The claims arise from the massive fraud perpetrated by SAIC and its employees and/or agents against New York City in connection with a contract for the development and implementation of a payroll project known as CityTime. The Complaint alleges that SAIC used the CityTime project to fraudulently obtain hundreds of millions of dollars from New York City. The defendants were aware of the fraudulent conduct yet failed to disclose the fraud and SAIC’s potential civil and criminal exposure stemming from the fraud. In addition, the complaint alleges that the defendants failed to disclose that SAIC’s reported revenues and earnings were generated, in part, by its massive fraudulent scheme.
As a direct result of the defendants’ false statements, SAIC’s common stock traded at artificially inflated prices during the Class Period and dropped substantially after the truth was revealed.
Plaintiff seeks to recover damages on behalf of all those who purchased shares of SAIC common stock from April 11, 2007 through September 1, 2011. Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, and Palm Beach Gardens and is active in major litigation pending in federal and state courts throughout the nation.