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4-Traders Homepage  >  Equities  >  Nyse  >  Leidos Holdings Inc    

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SAIC, Inc. : Glancy Binkow & Goldberg LLP Announces Investigation of SAIC, Inc.

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01/31/2012 | 07:05pm CEST

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
Michael Goldberg
310-201-9150 or 888-773-9224
[email protected]
www.glancylaw.com


© Business Wire 2012
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