SOURCE: Shareholders Foundation, Inc

Shareholders Foundation, Inc

March 12, 2012 09:42 ET

SAIC, Inc. Investor Lawsuit Over Alleged Wrongdoing by Certain Directors Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Mar 12, 2012) - The Shareholders Foundation, Inc. announces that an investor in SAIC, Inc. (SAI) shares filed a lawsuit against certain directors of SAIC, Inc. alleging they breached their fiduciary duties by failing to adequately manage and oversee SAIC, Inc. in connection with the CityTime project.

If you are a current long term investor in shares of SAIC, Inc. (SAI), you have certain options and should contact the Shareholders Foundation by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

Since 2000, SAIC, has developed and implemented an automated timekeeping and workforce management system ("CityTime") for certain agencies of the City of New York and the plaintiff alleges that a kickback scheme involving contractors tied to New York's CityTime project caused $232 million in losses and led to the indictments of several of employees.

In December 2010, the U.S. Attorney's Office for the Southern District of New York filed a criminal complaint against six individuals. In May 2011, an indictment was unsealed against a former SAIC project manager and another criminal complaint was filed against another former SAIC employee.

In July 2011, SAIC said that it received a letter from Mayor Bloomberg which requested that SAIC, Inc. reimburse the city for the approximately $600 million paid for the CityTime program and the cost of investigating and remediating the CityTime program.

In October 2011, SAIC, Inc. disclosed that the employment of several senior officers was terminated due to failures of management with respect to the CityTime program.

Shares of SAIC, Inc. fell from over $17.50 in May to as low as $11.26 per share in November 2011.

Those who are current investors in SAIC, Inc. shares have certain options and should contact the Shareholders Foundation.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108