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Computer Sciences Corporation (NYSE:CSC) Investor Files Lawsuit Against Directors Over Alleged Breaches Of Fiduciary Duties

  • If you are a current long-term stockholders of shares of Computer Sciences Corporation (NYSE:CSC), you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Computer Sciences Corporation
Security
NYSE: CVC

Case Name
Computer Sciences Corporation Shareholder Derivative Lawsuit 10/19/2012
Type of Lawsuit
Stockholder Derivative Action
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Summary

Oct. 22, 2012 (Shareholders Foundation) -- An investor in shares of Computer Sciences Corporation (NYSE:CSC) filed a lawsuit over alleged breaches of fiduciary duties by certain directors of Computer Sciences Corporation in connection with certain financial statements.
The plaintiff alleges that defendants made certain statements about finances and controls Computer Sciences Corporation that were false and misleading.

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 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.

NYSE:CSC shares fell from over $55 in February 2011 to as low as $22.93 per share in November 2011.