San Diego, CA -- (ReleaseWire) -- 03/26/2012 -- An investigation for investors in NYSE:CSC shares over possible breaches of fiduciary duties by certain directors and officers of Computer Sciences Corporation by causing the Company to file allegedly false and misleading financial statements was announced.
Investors who purchased Computer Sciences Corporation (NYSE:CSC) common stock and currently hold those (or any of those) NYSE:CSC, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a laws firm concerns whether certain officers and directors of Computer Sciences Corporation caused the Company to file financial statements that were false and misleading at the time they were made.
In February 2011, Computer Sciences Corporation announced that the U.S. Securities and Exchange Commission (“SEC”) had initiated a formal investigation into accounting irregularities at Computer Sciences Corp and later reported its third quarter results and lowered its Fiscal Year 2011 guidance
In May 2011, Computer Sciences Corp. announced its fourth quarter 2011 financial results and updated its fiscal 2011 guidance, announcing that it would miss its reduced fiscal 2011 revenue expectations by $100 million and earnings expectations by $0.45 per share. Furthermore Computer Sciences Corporation issed a press release in May 2011 preannouncing its fourth quarter and fiscal 2011 financial results. Among other things, Computer Sciences Corporation reported fourth quarter 2011 earnings results of $1.09 per share, which so the plaintiff, missed Wall Street consensus estimates of $1.16, and that fiscal 2011 earnings would be below Computer Sciences’ recent reduced forecast of $4.75 per share. In addition, Computer Sciences Corporation also said that its Audit Committee had begun an internal investigation into accounting irregularities in one of its service sectors.
Then in June 2011 an investor filed a lawsuit in United States District Court for the Eastern District of Virginia against Computer Sciences Corp. The plaintiff alleged that Computer Sciences Corporation and violated the Securities Exchange Act of 1934 by issuing between August 11, 2010 and May 25, 2011 false and misleading statements about its financial condition and prospects.
CSC shares fell from over $55 in February 2011 to under $38 in June 2011 and continued to decline to as low as $26.04 in September 2011. Since then NYSE:CSC shares recovered slightly and closed on Friday, March 23, 2012 at $30.69 per share.
Those who purchased Computer Sciences Corporation (NYSE:CSC) common stock and currently hold those (or any of those) NYSE:CSC, you have certain options and you should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego