Faruqi & Faruqi, LLP Announces Investigation of CIBER, INC. (CBR)
Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, is investigating potential wrongdoing at CIBER, Inc. (“CIBER” or the “Company”) (NYSE: CBR). Faruqi & Faruqi, LLP seeks to determine whether certain officers and directors at CIBER violated federal securities laws in connection with statements made to the Company's shareholders.
The investigation focuses on whether certain individuals violated federal securities laws by failing to disclose that: (1) CIBER failed to properly evaluate the financial impact of its legacy contracts and the performance of its North American operations; (2) the Company’s unprofitable legacy fixed-price contracts would drag down the Company’s revenues and earnings; and (3) declining sales in the Company’s North American division would continue throughout the 2011 transitional period and adversely affect CIBER’s 2011 financial results.
On August 3, 2011, CIBER issued disappointing financial results for the second quarter of 2011, including an operating loss of $26.5 million. Moreover, CIBER recorded $58.1 million in unexpected charges relating to five of the Company’s unprofitable North American contracts. As a result, CIBER was forced to suspend its financial guidance for 2011. On this news, shares of CIBER lost over 23% of their value to close on August 3, 2011, at just $3.94 a share.
If you purchased CIBER securities between December 15, 2010 and August 3, 2011 and you would like to discuss your legal rights, visit www.faruqilaw.com/CBR. You can also contact us by calling Anthony Vozzolo or Richard W. Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding CIBER’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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