Thursday, April 14, 2016
CitYTime: It ain't over Yet! SAIC owes Big to Shareholders??? SAIC files a request to reverse the reversal!!
Sent to me to post:
Wow hot off presses...Second Circuit gits a home run explaining why SAIC could have known, or knew or reasonably probably knew about CityTime AND did not
tell the Shareholders in March 2011? SAIC did not following GAAP (Generally Accepted Accounting) on mandatory report filings to the Secuirty and Exchange commission (SEC).? Vacating or reversing shareholders dismissal only 2 weeks ago, SAIC files for the reversal of the reversal and asks the entire 2nd circuit court of appeal for a panel hearing.!!! A pow wow....The street is going to bust a side :-). Maybe SAIC should be disclosing the huge payout due those shareholders to the SEC!!!??? Yup...file that 8k...its reasonable SAIC can expect to finally pay out....
An enjoyable read for the non lawyer, court documents state the obvious, finally listening to the shareholders. The shareholders lost money on SAIC at the time of the CityTime losses were disclosed, they want their money back because CityTime Fraud was known....!!!??? They were paying Bell and Denault Legal Bills?!! SAIC new Mayor Bloomberg was investigating and New York City stopped a huger SAIC MTA Contract with City. The court is listening!!!?, SAIC had Scienter?! SAIC would benefit to delay disclosing large losses on CityTime to shareholders as long as possible while getting its ducks in a row?!! They needed time to get a Deferred Prosecution Agreement to avoid being disbarred from governement contracting? And if City Time continued plans were under way to expand payroll systems to other municipalities at 2billion a year?!!!?
Scienter is a legal term that refers to intent or knowledge of wrongdoing. This means that an offending party has knowledge of the "wrongness" of an act or event prior to committing it. For example, if a man sells a car with brakes that do not work to his friend, but the seller does not know about the brake problem, then the seller has no scienter. If he sells the car and knew of the problem before he sold the car, he has scienter. The word has the same root as science, the Latin scienter (knowingly), from scire (to know; to separate one thing from another).
Wonder Woman lasso of truth catches Dr Redacto this blogs evil legal villain scrambles to file an EnBanc panel hearing for SAIC, Trouble for SAIC....good. To date not a single senior executive have been prosecuted nor a single City government official on the CityTime Project.
FYI this blog reported this years and years ago!
Posted by Suzannah B. Troy artist at 8:29 PM