CASES
Ciber, Inc.
Class Period: Dec 15, 2010 to Aug 3, 2011
Lead Plaintiff Deadline: Jan 3, 2012 + Deadline passed
Summary of Case:
A securities class action has been filed against CIBER, Inc. ("CIBER" or the "Company") on behalf of all persons who purchased or otherwise acquired CIBER between December 15, 2010 through August 3, 2011. This case has been filed in the USDC - Colorado.
The complaint alleges that during the Class Period, Defendants issued materially false and misleading statements concerning CIBER's financial results and business prospects. In particular, Defendants caused the Company to issue false and misleading statements in its public filings, press releases, and conference calls that touted the Company's positive financial results, significant growth, and presented aggressive forward guidance. In particular, Defendants trumpeted the Company's "transformation" of its business operations and implementation of new strategic initiatives that would improve its financial performance. When questioned about the impact of the Company's wholesale transition on CIBER's financial results, Defendants steadfastly rebuffed notions that the transition would adversely affect its financial performance going forward or its ability to achieve its business outlook. Further, Defendants continued to maintain that the Company had an effective system of internal and disclosure controls in place concerning its financial reporting.
However, unbeknownst to the public, the Company was facing significant charges arising from legacy contracts entered into in or before 2009, and substantial weakness in sales in its North American sector. Moreover, Defendants knew that the Company "lack[ed] operational discipline, process and controls" and that such "operational issues" would result in charges arising from certain fixed-price projects that possessed cost assumption for contingencies that rendered such contracts unprofitable and at a high-risk of loss, among other things.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.