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Robbins Geller Rudman & Dowd LLP Announce Proposed Settlement in the SAIC, Inc. Securities Litigation

October 18, 2019

SAN DIEGO--(BUSINESS WIRE)--Oct 18, 2019--

The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the SAIC, Inc. Securities Litigation:

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

In re SAIC, INC. Securities Litigation

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Master File No. 1:12-cv-01353-DAB

CLASS ACTION

SUMMARY NOTICE

This Document Relates To:

ALL ACTIONS.

TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED SAIC, INC. (“SAIC”) COMMON STOCK BETWEEN MARCH 25, 2011 AND JUNE 2, 2011, INCLUSIVE

YOU ARE HEREBY NOTIFIED that pursuant to an Order of the United States District Court for the Southern District of New York, a hearing will be held on January 8, 2020, at 10:30 a.m. ET, before the Honorable Deborah A. Batts at the Daniel Patrick Moynihan U.S. Courthouse, 500 Pearl Street, New York, NY 10007, for the purpose of determining: (1) whether the proposed Settlement of the Litigation for the sum of $6,500,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) whether, thereafter, this Litigation should be dismissed with prejudice against Leidos, Inc. (formerly known as SAIC, Inc.) as set forth in the Amended Stipulation of Settlement dated June 26, 2019; (3) whether the Plan of Allocation of settlement proceeds is fair, reasonable, and adequate and therefore should be approved; and (4) the reasonableness of the application of Lead Counsel for the payment of expenses incurred in connection with this Litigation, together with interest thereon (which request may include a request for reimbursement of Lead Plaintiffs’ reasonable costs and expenses pursuant to the Private Securities Litigation Reform Act of 1995). The Court may adjourn or continue the Settlement Hearing without further notice to the Class.

IF YOU PURCHASED OR OTHERWISE ACQUIRED SAIC COMMON STOCK BETWEEN MARCH 25, 2011 AND JUNE 2, 2011, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THIS LITIGATION AND THE SETTLEMENT THEREOF. If you have not received a detailed Notice of Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release form, you may obtain copies by writing to SAIC Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 43311, Providence, RI 02940-3311 or by downloading this information at www.SAICSecuritiesSettlement.com. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release online at www.SAICSecuritiesSettlement.com by February 14, 2020, or by mail postmarked no later than February 14, 2020, establishing that you are entitled to a recovery. You will be bound by any judgment rendered in the Litigation unless you request to be excluded, in writing, postmarked by December 16, 2019.

If you purchased or otherwise acquired SAIC common stock during the Class Period and you desire to be excluded from the Class, you must submit a request for exclusion such that it is postmarked no later than December 16, 2019, in the manner and form explained in the detailed Notice referred to above. All Members of the Class who do not validly request exclusion from the Class will be bound by any judgment entered in the Litigation pursuant to the Stipulation of Settlement.

Any objection to any aspect of the Settlement must be filed with the Clerk of the Court and also delivered by hand or first-class mail to each of the following addresses such that it is received no later than December 16, 2019:

Court:

CLERK OF THE COURT

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

Daniel Patrick Moynihan U.S. Courthouse

500 Pearl Street

New York, NY 10007

 

Lead Counsel:

ROBBINS GELLER RUDMAN
& DOWD LLP
Ellen Gusikoff Stewart
655 West Broadway, Suite 1900

San Diego, CA 92101

 

 

Leidos’ Counsel:

GIBSON, DUNN & CRUTCHER LLP

Jason J. Mendro

1050 Connecticut Avenue, N.W.

Washington, DC 20036

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

DATED: September 26, 2019

 

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20191018005004/en/

Media (Press only): Ellen Gusikoff Stewart (619) 231-1058

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Geller Rudman & Dowd LLP

Copyright Business Wire 2019.

PUB: 10/18/2019 11:00 AM/DISC: 10/18/2019 11:01 AM

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