{"id":6130,"date":"2017-03-27T00:45:58","date_gmt":"2017-03-27T05:45:58","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1507"},"modified":"2017-03-27T00:45:58","modified_gmt":"2017-03-27T05:45:58","slug":"indiana-public-retirement-systems-institutional-investor-fraud-case-heard-us-supreme-court","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/indiana-public-retirement-systems-institutional-investor-fraud-case-heard-us-supreme-court\/","title":{"rendered":"Indiana Public Retirement System’s Institutional Investor Fraud Case To Be Heard by US Supreme Court"},"content":{"rendered":"

\t\t\t\tThe US Supreme Court said that it will hear a securities fraud lawsuit <\/a>accusing Leidos Inc. (LDOS) of leaving out key information, as well as misstating other important ones, in securities filings. The lead plaintiff in the case is the Indiana Public Retirement System, which brought its complaint in 2012. <\/p>\n

The investor fraud lawsuit is related to a kickback scam that took place when Leidos, it was called Science Applications International Corp (SAIC) at the time, was constructing a computerized payroll system for New York City. The scam resulted in fraud charges being brought against two SAIC employees. The government contractor ended up paying over $500M in fines to settle related charges. <\/p>\n

The Indiana retirement fund contends that SAIC failed to dislose its liability connected to the fraud when it submitted its filings to the US Securities and Exchange Commission and that it only made the necessary disclosures in June 2011, which was months after the scam collapsed. Under SEC provision Item 303, companies must disclose uncertainties and trends that may impact their business. The retirement fund also is accusing SAIC of misstatements regarding ethics and internal controls, including the alleged misstatement that the contract with NY was immaterial to its operations. <\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The US Supreme Court said that it will hear a securities fraud lawsuit accusing Leidos Inc. (LDOS) of leaving out key information, as well as misstating other important ones, in securities filings. The lead plaintiff in the case is the Indiana Public Retirement System, which brought its complaint in 2012. The investor fraud lawsuit is […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6130","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nIndiana Public Retirement System's Institutional Investor Fraud Case To Be Heard by US Supreme Court — Investor Lawyers Blog — March 27, 2017<\/title>\n<meta name=\"description\" content=\"The US Supreme Court said that it will hear a securities fraud lawsuit accusing Leidos Inc. 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