NEW YORK, March 21, 2012 /PRNewswire/ -- 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 ("CSC" or the "Company") (NYSE: CSC). The investigation focuses on whether certain officers and directors of CSC breached their fiduciary duties by causing the Company to file false and misleading financial statements.
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On November 10, 2010, CSC announced quarterly earnings for the second quarter of fiscal year 2011 and revealed that certain accounting irregularities had been discovered in the Company's Nordic region, which would require a $40 million charge. CSC assured shareholders that the problems had been fixed and that despite several delays and setbacks, CSC's multi-billion dollar contract with the U.K.'s National Health Service ("NHS") would continue to contribute to the Company's growth.
However, beginning on or about February 1, 2011 and extending through at least June 15, 2011, CSC issued a series of disclosures dramatically decreasing the Company's actual and projected performance, and "adjusting" previously reported 2010 financial results due to accounting fraud. The Company's earlier financial projections were completely without basis and its internal auditing and controls had been materially compromised. Eventually, the Company reported a total decrease of $4.5 billion in its projections for fiscal year 2011. On June 15, 2011, the Company filed a Form 10-K with the SEC, reporting that it had been forced to make adjustments to its fiscal year 2011 results due to "intentional misconduct" by executives in the Company's Nordic Region, and that operating income for fiscal year 2010 had been overstated by $53 million. CSC further admitted that the problems that led to these adjustments were identified by the Company in April 2010, more than six months prior to any disclosure of the deficiencies to investors.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action and derivative litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you are a current CSC shareholder, and you would like to discuss your legal rights, visit www.faruqilaw.com/CSC. You can also contact us by calling Beth Keller toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
Faruqi & Faruqi, LLP
Beth Keller, Esq.
369 Lexington Avenue, 10th Floor
New York, NY 10017
Telephone: (877) 247-4292 or (212) 983-9330
E-mail: [email protected]
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