Wednesday, December 11, 2013
Wow, the street is breaking a sweat this afternoon covering SAIC's weekly beat. And those shareholder lawsuits ain't over yet. For you newbies...Leidos was SAIC, which took the place of old SAIC, and new SAIC was created (its twin Gemini)...this resulted in decoupling the old SAICs gov con business and segments with the help of Dr. Redacto.
SAIC now Leidos was the defense contractor who rant the CityTime automated payroll project. The City Time project defrauded the City of New York some 640million dollars and thus far 8 people have been convicted, non of which are top SAIC execs, SAIC was allowed a DPA (deferred prosecution agreement) and repaid the City of New York 500million dollars if they remain on good behavior)
Dr.Redacto is the streets fictional villain that helps naughty corporations edit there tracks...and reinvent themselves legally with the help of DPAs, Tax Law and DOJ (department of justice). Super Sue is this blogs Superheiress pummeling Leidos (means Leer in Spanish) a satirical rant. SAIC CityTime lawsuits are not over yet. And neither is that DPA....http://suzannahbtroy.blogspot.com/2013/12/citytime-crime-saic-violates-dpa.html And let's not forget civilian drone deaths in Afganistan
Mike Bloomberg and Team Bloomberg Rudy aren't breaking a sweat and they should. Too many official above accountability.
mayor bloomberg king of new york: CityTime Crime SAIC Violates DPA Seattle Contract?
1. (Government, Politics & Diplomacy) to compose or draft (an edict, proclamation, etc.)
2. (Literary & Literary Critical Terms) to put (a literary work, etc.) into appropriate form for publication; edit
Latin redāctus, past participle of redigere to drive back, restore
1. A wicked or evil person; a scoundrel.
2. A dramatic or fictional character who is typically at odds with the hero.
3. also villein. Variant of
4. Something said to be the cause of particular trouble or an evil: poverty, the villain in the increase of crime.
5. Obsolete A peasant regarded as vile and brutish.
Recently filed 10k talks law suits...and they ain't over!
Derivative and Securities Litigation
"Between February and April 2012, six stockholder derivative lawsuits were filed, each purportedly on the Company’s behalf. Two cases have been withdrawn and the four remaining cases were consolidated in the U.S. District Court for the Southern District of New York in In re SAIC, Inc. Derivative Litigation. The consolidated derivative complaint asserted claims against the Company’s directors and current and former officers, including the chief executive officer, two former chief executive officers, the chief financial officer, a former group president, the former program manager of the CityTime program, and the former chief systems engineer of the CityTime program. The consolidated derivative complaint claimed 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 claimed 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. On June 10, 2013, the District Court dismissed the complaint with prejudice. The plaintiffs have filed an appeal with the United States Court of Appeals for the Second Circuit. The appeal is pending.
The Company has also received three stockholder demand letters related to CityTime (one of which is also related to the TRICARE matter described above). An independent committee of the Company’s board of directors reviewed two of the demands and 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. The third demand is under review by the independent committee.
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 the Company'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 the Company's stock at an inflated price. On October 1, 2013, the district court dismissed many claims in the complaint with prejudice, granted the plaintiffs leave to amend some claims, and denied dismissal of limited claims. The Company intends to vigorously defend against these claims.
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."
Posted by Suzannah B. Troy artist at 12/11/2013 04:18:00 PM