CINCINNATI, March 14, 2012 (GLOBE NEWSWIRE) -- Attorney Advertising. -- The law firm of Statman, Harris & Eyrich, LLC announces that a class action lawsuit has been filed against SAIC, Inc. ("SAIC" or the "Company") (NYSE:SAI) and certain of its officers and directors on behalf of purchasers of the common stock during the period April 11, 2007 and September 1, 2011, inclusive (the "Class Period").
The action, filed in the United States District Court for the Southern District of New York, alleges defendants violated federal securities laws by misrepresenting or failing to disclose information relating to overbilling the city of New York hundreds of millions of dollars on a project to update the city's employee payroll system (the "CityTime Project"). Executives of the Company admitted in a conference call that the Company might be forced to take a deduction from earnings to reflect alleged overbilling on the CityTime Project from the financial results it released for the second quarter of 2012. The stock price dropped on this disclosure, damaging investors.
Investors who purchased SAIC common stock during the Class Period may have a claim against the Company and are encouraged to contact attorney Brian Giles at (513) 345-8181 or by e-mail to classaction@statmanharris.com for further information about this matter without any obligation or cost to you. Additionally, persons with non-public knowledge relative to the allegations asserted are encouraged to contact the law firm. The whistleblower provisions in the Dodd-Frank Wall Street Reform Bill 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.
Statman, Harris & Eyrich, LLC, which has significant experience in consumer, investor, and mass tort class actions, has offices in Chicago, Illinois; Cincinnati, Ohio; Dayton, Ohio; and Sarasota, Florida. www.statmanharris.com