The SEC says to SAIC in its 7/24/2012 letter "We urge all persons who are responsible for the
accuracy and adequacy of the disclosure in the filing to be certain that the filing includes the
information the Securities Exchange Act of 1934 and all applicable rules require."
SEC requested that SAIC comment on its last financials disclosures, particularly two
CityTime settlement and Citytime related civil litigation. Well, thank you, its about time.
Home SEC Filings were reviewed on 6/22/12 (close to 3 months after submital) see correspondence and responded by SAIC on July 16th
In the meantime back at the farm and likely another artful reason one need not make disclosure
SAIC is receiving and responding, "not dismissing" the civil suits. Civil claims are consolidated and on deadline (unless another extension!) before quaterly meeting. SAIC has agree to changing
"possible" to "probable" in regards to estimating loss on CITYTIME related lawsuit.
In SAIC subsequent 10Q for May 31st, not under "review" by the SEC , yet. The verbiage is continued. Possible losses. In the meanwhile SAIC has neatly kept bidding jobs and so far efffectively dodging disbarment with a LAYERS of monitoring and scapegoating a select individuals, with delaying payment of legal costs and settling in advance of trial when CITYTIME began before 2003 if you read the and believe the Valcheich Letter.
Heard on the street, "it ain't over".
"The Company currently believes that a loss relating to the above-described stockholder matters is possible, but the Company cannot reasonably estimate the range of potential loss in light of the fact that these matters are in their early stages."
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.
Heard on the street, "it ain't over".
LAST Bitch, glad to see the SEC is waking up slowly even if 3 months later. Does not look SAIC is dismissing these civil cases and SAIC knew they were consolidated and on deadline during the SEC review period. Hey the street can be wrong, we're just blogging what SAIC writes in its own reports. Can't wait till next week.
"The Company currently intends to file a motion to dismiss each of these complaints because the respective plaintiffs did not serve a pre-suit demand before filing the derivative complaints. The Company has also received a stockholder demand letter related to CityTime and TRICARE, which an independent committee of the Company’s board of directors is currently reviewing."
