Monday, June 6, 2011
SAIC Files FORM 8-k w/Secretary of State Which Publically Addresses Criminal Investigation Into CityTime and risk to SAIC losing $ as well? Look!
I published this the other day but let’s rewind and take another look
HUGE>>>>>>>SAIC files FORM 8-k with Secretary of State which publically addresses the criminal investigation Into City Time. the potential "material" risks to Saic's financial consolidated financial position. Materialin layman terms means exposure to risk or subtantial losses, significat.
An excerpt from the report....
The City has not filed any claim against the Company or otherwise requested reimbursement or return of payments previously made to the Company and the Company has not recorded any liabilities relating to this contract other than the approximately $2.5 million it offered to refund. However, there is a reasonable possibility of additional exposure to loss that is not currently estimable if there is an adverse outcome. An adverse outcome of any of these investigations may result in non-payment of amounts owed to the Company, a demand for reimbursement of other amounts previously received by the Company under the contract, claims for additional damages, and/or fines and penalties, which could have a material adverse effect on the Company’s consolidated financial position, results of operations and cash flows.