Breaking News New SAIC CityTime Lawsuit by SAIC Shareholders NY

http://www.marketwatch.com/story/robbins-geller-rudman-dowd-llp-files-class-action-suit-against-saic-inc-2012-02-23
Robbins Geller Rudman & Dowd LLP File Law Class Action SAIC Law Suit!!! Folks three law suits against SAIC CityTime.
Excerpt:


"The complaint alleges that during the Class Period defendants issued materially false and misleading statements regarding the Company's financial performance and future prospects. Specifically, defendants misrepresented and/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 the Company'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 the Company'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 revelation that SAIC would incur a probable loss on CityTime was significant because, pursuant to applicable accounting rules, it served as an acknowledgement that, once the Company could reasonably estimate the amount, SAIC would incur a charge against its earnings for the wrongful conduct alleged herein on CityTime. "


http://suzannahbtroy.blogspot.com/2012/02/citytime-scandal-brief-mention-covering.html