NEW YORK, June 10, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of Computer Sciences Corporation ("Computer Sciences" or the "Company"). Such investors are advised to contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888-476-6529, ext. 350.
The investigation concerns, among other things, whether the Company's historical and current financial results from its Managed Services Sector, which had been incorporated into the Company's consolidated financial statements, were false and in violation of the Company's internal accounting policies and Generally Accepted Accounting Principles.
On February 1, 2011, CSC issued a press release announcing that the SEC had initiated a formal investigation into accounting irregularities at the Company. On May 2, 2011, the Company announced its fourth quarter 2011 financial results and reported that it was close to an agreement with the United Kingdom's National Health Service ("NHS") on a revised contract 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.
Then, on May 25, 2011, after the market closed, the Company issued a press release preannouncing its fourth quarter and fiscal 2011 financial results. Among other things, the Company reported fourth quarter 2011 earnings results of $1.09 per share, which missed Wall Street consensus estimates of $1.16, and that fiscal 2011 earnings would be below the Company's recent reduced forecast of $4.75 per share. In addition, the Company also disclosed that its Audit Committee had begun an internal investigation into accounting irregularities in one of its service sectors. In response to the Company's May 25, 2011 disclosures, on May 26, 2011, the Company's stock price fell $5.71 per share (or 12%) to close at $38.38 per share.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See .
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 rrboyle@pomlaw.com