SAIC Securities Settlement
HomeCase DocumentsContact UsFile Claim

Welcome to the SAIC Securities Settlement Website

This website has been established to provide general information related to the proposed settlement of the case referred to as In re SAIC, Inc. Securities Litigation, Master File No. 1:12-cv-01353-DAB (the "Litigation"), pending before the United States District Court for the Southern District of New York (the "Court"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Amended Stipulation of Settlement (the "Stipulation") dated June 26, 2019, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected by the Settlement if you purchased or otherwise acquired SAIC common stock during the period from March 25, 2011, through and including June 2, 2011.

The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class Members. You will not be charged for these lawyers. They will not apply to the Court for an award of attorneys’ fees, but will apply to the Court for an award of expenses and costs not to exceed $340,000 in connection with the Litigation, plus interest on such costs and expenses at the same rate as earned by the Settlement Fund. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

The initial complaint in this action was filed on February 22, 2012. On June 14, 2012, the Court appointed Lead Plaintiffs and Robbins Geller Rudman & Dowd LLP as Lead Counsel. On August 30, 2012, Lead Plaintiffs filed their Amended Class Action Complaint for Violations of the Federal Securities Laws (“Complaint”), which alleged claims on behalf of a putative class of purchasers of SAIC common stock between April 11, 2007 and September 1, 2011, inclusive. Specifically, the Complaint alleged that Defendant and the Former Defendants violated Sections10(b) and 20(a) of the Securities Exchange Act of 1934 by, inter alia, issuing false and misleading statements and failing to disclose loss contingencies and uncertainties associated with an overbilling scheme, perpetrated by two former employees and others, that defrauded New York City out of hundreds of millions of dollars in connection with the CityTime Project over a multi-year period. The Complaint further alleged that as a result of Defendant’s material omissions, SAIC common stock traded at artificially inflated prices.

In an effort to settle the Litigation, Lead Plaintiffs and Defendant engaged the services of Bruce A. Friedman, Esq. of JAMS, an experienced mediator. They prepared detailed mediation statements and engaged in a full-day in-person mediation session with Mr. Friedman on September 14, 2017. These efforts culminated with the parties agreeing in principle to settle the Litigation for Six Million Five Hundred Thousand Dollars ($6,500,000), subject to the negotiation of the terms of a Stipulation of Settlement and approval by the Court.

WHAT DOES THE SETTLEMENT PROVIDE?

The Settlement provides that, in exchange for the release of the Released Claims and dismissal of the Litigation, the Defendant has agreed to pay (or cause to be paid) $6,500,000 in cash (the “Settlement Amount”). The Settlement Amount, plus accrued interest (the “Settlement Fund”) and minus the costs of the Notice and all costs associated with the administration of the Settlement, as well as expenses that may be approved by the Court (the “Net Settlement Fund”), will be distributed to eligible Class Members pursuant to the Plan of Allocation that is described in the Notice.

ADDITIONAL INFORMATION

Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A PROOF OF CLAIM The only way to be eligible to receive a payment from the Settlement. Proofs of Claim must be postmarked (if mailed) or received (if submitted online) on or before February 14, 2020.
EXCLUDE YOURSELF Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendant or any other Released Persons about the legal claims being resolved by this Settlement. Exclusions must be postmarked on or before December 16, 2019.
OBJECT Write to the Court about why you do not like the Settlement, the Plan of Allocation and/or the request for expenses to Lead Counsel or Lead Plaintiffs. You will still be a Member of the Class. Objections must be received by the Court and counsel for the Settling Parties on or before December 16, 2019.
GO TO THE HEARING ON JANUARY 8, 2020 Ask to speak in Court about the fairness of the Settlement. Requests to speak must be received by the Court and counsel for the Settling Parties on or before December 16, 2019
DO NOTHING Receive no payment. You will, however, still be a Member of the Class, which means that you give up your right to ever be part of any other lawsuit against the Defendant or any other Released Persons about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation.

IMPORTANT DATES AND DEADLINES

Submit Proof of Claim: February 14, 2020
Request Exclusion: December 16, 2019
File Objection: December 16, 2019
File Notice of Intention to Appear: December 16, 2019
Court Hearing on Fairness of Settlement: January 8, 2020, at 10:30 a.m. ET