Glancy Binkow & Goldberg LLP announces that it is investigating
potential claims on behalf of purchasers of the securities of SAIC, Inc.
("SAIC" or the "Company") (NYSE:SAI) concerning possible breaches of
fiduciary duties by the Company or its fiduciaries. SAIC provides
scientific, engineering, systems integration and technical services and
solutions to the U.S. Department of Defense, the U.S. Department of
Homeland Security, U.S. Government civil agencies, the intelligence
community, and customers in selected commercial markets. Since 2000, the
Company has developed and implemented an automated timekeeping and
workforce management system ("CityTime") for certain agencies of the
City of New York.
The investigation concerns whether the Company or its fiduciaries
breached their fiduciary duties by allegedly overbilling the City for
time recorded by the CityTime program manager. In December 2010, the
U.S. Attorney's Office for the Southern District of New York filed a
criminal complaint against six individuals, including principals of
staffing firms that provided staff to the CityTime program as
subcontractors to SAIC. On February 10, 2011, a federal grand jury
indicted four of the individuals and added another individual defendant.
On May 27, 2011, a criminal complaint was filed against the former
CityTime program manager alleging he conspired to defraud the City into
extending and overpaying for the CityTime project and personally
received kickbacks totaling $5.6 million.
Subsequently, on June 2, 2011, the Company disclosed that an internal
investigation could not validate all the time recorded to the CityTime
program by its program manager. Then, on October 24, 2011, the Company
disclosed it had removed certain members of the CityTime management team
from their positions and terminated their employment.
If you purchased SAIC securities, if you have information or would like
to learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067, by telephone at
(310) 201-9150, Toll Free at (888) 773-9224, by e-mail to [email protected],
or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CA