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Faruqi & Faruqi, LLP Announces Investigation of Computer Sciences Corporation

^{Published on 2011-06-21 15:40:48 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Computer Sciences Corporation (aCSCa or the aCompanya) (NYSE: CSC). Faruqi & Faruqi, LLP seeks to determine whether CSC violated federal securities laws in connection with statements made to the Companya™s shareholders.

Request more information now by clicking here: [ www.faruqilaw.com/CSC ]

The investigation focuses on whether certain individuals violated federal securities laws by, among other things, failing to disclose that: (1) the Companya™s financial results from its MSS unit were false and in violation of the Companya™s internal accounting policies and the Generally Accepted Accounting Principles (aGAAPa); (2) the Company was unable to meet its customer contract milestones due to technical difficulties with the implementation of the Companya™s Lorenzo 1.9 software at the United Kingdoma™s National Health Service (aNHSa), and was thus at risk of seeing the entirety of its contract terminated; (3) demand for the Companya™s NPS products and services was down causing a decline in bookings for new business for the Companya™s products; and (4) there was no reasonable basis for the fiscal year 2011 revenue, earnings, bookings and margin forecasts made to the public.

On February 1, 2011, the Company announced that the SEC was formally investigating accounting irregularities at CSC. On May 2, 2011, CSC announced that it was close to an agreement with the NHS on a revised contract and updated guidance for fiscal year 2011. On May 25, 2011, the Company disclosed, among other things, that its earnings results missed Wall Street consensus estimates, and that FY11 earnings would be below the EPS forecast of $4.75. In response to the May 25, 2011 disclosures, on May 26, 2011, CSCa™s share price fell 12% to $5.71 per share on high trading volume.

Take Action

If you purchased CSC securities between August 11, 2010 and May 25, 2011, and you would like to discuss your legal rights, visit [ www.faruqilaw.com/CSC ]. You can also contact us by calling Anthony Vozzolo toll free at 877-247-4292 or at 212-983-9330 or by sending an email to [ avozzolo@faruqilaw.com ]. Faruqi & Faruqi, LLP also encourages anyone with information regarding CSCa™s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.

About Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The firm is focused on providing exemplary legal services in complex litigation. Founded in 1995, the firm maintains its principal office in New York City, with offices in Delaware, California, Florida and Pennsylvania. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.

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