Thursday, June 6, 2013
CityTime Shareholder derivative law suit looks like my blog minus the typos --- the law suit goes back in Time and Preet Bharara refuses to -- maybe Preet is thinking of NSA SAIC Trailblazer corruption and how Obama in on punishing whistle blowers? (Is that why Preet Bharara has not come in and started a criminal investigation in to CityTime 2 aka ECTP 911 Tech corruption way bigger than CityTime?)
I hope Shareholders win the law suit and it does not get tossed out with the hope it will shame Preet to go back in time...re-write the indictment....anyway read how CityTime curse haunts SAIC.
Waiting on judge as mull over SAIC civil suits? Both the derivative lawsuit and shareholder lawsuits ..SAIC is trying to get them dismissed...per recent court filings. Best read in SAICs 10k filed yesterday.
"The Company currently believes that a loss relating to the above-described stockholder matters is reasonably possible, but the Company cannot reasonably estimate the range of loss in light of the fact that these matters are in their early stages."
"The consolidated derivative complaint claims that the defendants breached their fiduciary duties to the Company with respect to the CityTime contract for various reasons, including failure to supervise the adequacy of the Company’s internal controls, allowing the Company to issue misleading financial statements, and failure to exercise their oversight responsibilities to ensure that the Company complied with applicable laws, rules and regulations. The complaint further claims that the defendants are liable to the Company under theories of unjust enrichment, gross mismanagement, abuse of control, and violation of Section 14(a) of the Securities Exchange Act. The Company has filed a motion to dismiss the consolidated complaint because the respective plaintiffs did not serve a pre-suit demand before filing the derivative complaints. The Company has also received two stockholder demand letters related to CityTime (one of which is also related to the TRICARE matter described above), which an independent committee of the Company’s board of directors reviewed. The Company’s lead director has notified both stockholders’ attorneys, on behalf of the board of directors, that the Company has decided not to pursue the claims outlined in their demand letters."
"Between February and April 2012, alleged stockholders filed three putative securities class actions. One case was withdrawn and two cases were consolidated in the U.S. District Court for the Southern District of New York in In re SAIC, Inc. Securities Litigation. The consolidated securities complaint names as defendants the Company, its chief financial officer, two former chief executive officers, a former group president, and the former program manager on the CityTime program, and was filed purportedly on behalf of all purchasers of SAIC’s common stock from April 11, 2007 through September 1, 2011. The consolidated securities complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 based on allegations that the Company and individual defendants made misleading statements or omissions about the Company’s revenues, operating income, and internal controls in connection with disclosures relating to the CityTime project. The plaintiffs seek to recover from the Company and the individual defendants an unspecified amount of damages class members allegedly incurred by buying SAIC’s stock at an inflated price. The Company intends to vigorously defend against these claims and has filed a motion to dismiss the consolidated securities complaint."
Bloomberg Giuliani CityTIme SAIC News 10K CityTime Curse
Posted by Suzannah B. Troy artist at 6/06/2013 07:34:00 AM