NEW YORK, March 2, 2012 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of SAIC, Inc. ("SAIC" or the "Company"). Such investors are advised to contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888-476-6529, ext. 350.
The investigation concerns whether SAIC made materially false and misleading statements and omissions regarding the Company's financial performance and future prospects. Specifically, the investigation concerns whether SAIC 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; and that, as a result of SAIC's overbilling practices, its operating results during the Class Period were materially misstated.
On August 31, 2011, SAIC announced a decline of approximately 6% in revenue and 23% in operating margin for the second quarter of 2012, ending July 31, 2011. Following this announcement, defendants also disclosed that the Company would likely have to make restitution to New York City for wrongful conduct on the CityTime Project. In response to this disclosure, shares of SAIC common stock dropped from $15.00 per share on August 31, 2011 to $12.97 on September 1, 2011 on heavy volume.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.