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Harwood Feffer LLP Announces Class Action Lawsuit against Computer Sciences Corporation

^{Published on 2011-06-09 16:55:41 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Harwood Feffer LLP announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Virginia on behalf of purchasers of the common stock of Computer Sciences Corporation (aComputer Sciencesa or the aCompanya) (NYSE: CSC) between August 11, 2010 and May 25, 2011, inclusive (the aClass Perioda).

No class has yet been certified in the above action. Class members will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 2, 2011 and be selected by the court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages to serve as a Lead Plaintiff. You may contact the Harwood Feffer LLP website ([ http://www.hfesq.com ]) or Peter W. Overs, Jr., directly, at [ povers@hfesq.com ] to ask any questions you may have in that regard.

The Complaint alleges violations of the federal securities laws against Computer Sciences and its officers and directors for issuing materially false and misleading financial statements to investors. On February 1, 2011, Computer Sciences announced that the SEC had initiated a formal investigation into accounting irregularities at the Company. On May 2, 2011, the Company announced, among other things, that it was close to an agreement with the United Kingdoma™s National Health Service (aNHSa) on a revised contract. On May 25, 2011, in connection with its announcement of financial results, which missed Wall Street consensus estimates, the Company disclosed that its Audit Committee had begun an internal investigation into accounting irregularities in one of its service sectors. The Companya™s shares declined 12% in response to this announcement.

According to the complaint, representations made by the Company during the Class Period were materially false and misleading because they failed to disclose true facts that were then known or recklessly disregarded by defendants, including: (a) the Companya™s historical and current financial results from its Managed Services Sector, which had been incorporated into the Companya™s consolidated financial statements, were false and in violation of the Companya™s internal accounting policies and Generally Accepted Accounting Principles; (b) the implementation of the Companya™s software at NHS was experiencing severe difficulties, rendering the Company unable to meet certain contractual deliverables and putting the entire contract with NHS at risk of termination; (c) the Company was experiencing substantial weakness in demand for its products and services, and new bookings for such were declining; and (d) in light of the foregoing, there was no reasonable basis for the fiscal 2011 revenue, earnings, bookings and margin forecasts made public during the Class Period.

Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website ([ http://www.hfesq.com ]) for more information about the firm.

If you purchased Computer Sciences common stock during the Class Period, suffered a loss on those shares in excess of $100,000 and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

Attorney Advertising. © 2011 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP ([ www.hfesq.com ]). Prior results do not guarantee or predict a similar outcome with respect to any future matter.