SAIC Shareholder Investigation - The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Possible Breaches of Fiduciary Duty by the Officers and Directors of SAIC, Inc.
DALLAS, Feb. 27, 2012 /PRNewswire/ -- Former United States Securities and United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of SAIC, Inc. ("SAIC") (NYSE: SAI) related to potential securities violations between April 11, 2007 and September 1, 2011 (the "Class Period").
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If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected]. There is no cost or fee to you.
"Recent revelations about SAIC's alleged overbilling practices and numerous failures to adhere to proper accounting standards as part of the overbilling scheme prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by SAIC's top management and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of SAIC stock for all shareholders, including seeking removal of certain officers and directors and monetary payments," said shareholder rights attorney Willie Briscoe.
In a recently filed federal class action complaint, SAIC and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that during the Class Period, defendants misrepresented or failed to disclose the following adverse facts: (a) that SAIC had 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; (b) that, as a result of SAIC's known, but undisclosed, overbilling practices, its operating results during the Class Period were materially misstated; (c) that SAIC's overbilling practices subjected the company to numerous undisclosed risks, including monetary risks and reputational risks, particularly because government agencies are SAIC's primary customers and any harm to its reputation and/or relationships with such agencies would adversely affect its future revenues and growth prospects; (d) that, as a result of the foregoing circumstances, SAIC violated applicable accounting standards associated with the recognition of revenue and the disclosure and accounting for loss contingencies; (e) that SAIC's financial statements were not fairly presented in conformity with generally accepted accounting principles and were materially false and misleading; (f) that certifications issued by defendants Kenneth C. Dahlberg and Mark W. Sopp associated with SAIC's internal and disclosure controls were materially false and misleading; and (g) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the company and its business and prospects.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP
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