SOURCE: Brower Piven, A Professional Corporation

November 10, 2011 16:52 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in CIBER, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the January 3, 2012 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Nov 10, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Colorado on behalf of purchasers of the common stock of CIBER, Inc. ("CIBER" or the "Company") (NYSE: CBR) during the period between December 15, 2010 and August 3, 2011, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in CIBER common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 3, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was facing significant charges arising from legacy contracts entered into in or before 2009, and substantial weakness in sales in its North American sector and that the Company's lack of operational discipline, process and controls would require the Company to take charges resulting from certain fixed-price projects with a high risk of loss due to incorrect assumptions that would render such contracts unprofitable. The complaint alleges that during the Class Period the Company had represented the transformation of its business operations and implementation of new strategic initiatives that would improve its financial performance and responded to questions about the impact of the Company's wholesale transition on CIBER's financial results by denying that the transition would adversely affect its financial performance going forward or its ability to achieve its business outlook. According to the complaint, after, on August 3, 2011, the Company disclosed financial results that were significantly below expectations, that it would suspend its full-year 2011 guidance due to sales weakness in North America, that changes in estimates on five fixed-price projects signed in 2009 or earlier required adjustments to the balance sheet (namely $13.4 million in charges against the Company's quarterly revenue and earnings), and that the Company experienced a 23% decline in revenue for its North American operations, the value of CIBER shares declined significantly.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact