SAIC Hit With Securities Suit Over Alleged Kickbacks

Law360, New York (April 18, 2012, 8:56 PM EDT) -- Science Applications International Corp. was hit by a proposed class action on Monday claiming the company's officers and directors failed to investigate alleged kickbacks and fraud in New York City's CityTime system and misled investors about its role in the payroll-reform project.

The complaint, filed in the U.S. District Court for the Eastern District of Virginia, accuses SAIC and certain of its executives of violating securities regulations by making false and misleading statements regarding fraud within CityTime, which saw its budget increase nearly 900 percent over...
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