Robbins Umeda LLP Announces an Investigation of Computer Sciences Corporation for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Computer Sciences Corporation (NYSE: CSC). CSC offers information technology, business process outsourcing, and professional services to the commercial and government markets. The company was founded in 1959 and is headquartered in Falls Church, Virginia.
Robbins Umeda LLP’s investigation focuses on whether the directors and officers of CSC breached their fiduciary duties to shareholders by causing or permitting the company to issue false and/or misleading statements regarding the company’s business and financial conditions.
On February 1, 2011, CSC filed a Form 8-K with the U.S. Securities and Exchange Commission announcing that it had received notification that the SEC had launched a formal investigation into the accounting irregularities at its Nordic region Managed Services Center. On February 9, 2011, the company disclosed government contract delays and the increased magnitude of the accounting irregularities in the Nordic region.
May 2, 2011, CSC’s Audit Committee began an internal investigation into accounting irregularities and other accounting matters identified by the committee and SEC in relation to its investigation.
On May 25, 2011, CSC issued a press release announcing its fourth quarter 2011 and fiscal year 2011 financial results, disclosing that its earnings results for the quarter missed Wall Street consensus estimates by $0.07, and stating that its fiscal year 2011 earnings would be below the reduced earnings per share forecast that had been recently revised on May 2, 2011. As a result, the company was unable to timely file its Form 10-K, which was due by May 31, 2011.
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