CIBER Inc (NYSE: CBR) Investor Securities Class Action Lawsuit 10/28/2011

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Company Name(s): 
CIBER
Case Name: 
CIBER Shareholder Class Action Lawsuit 10/28/2011
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: CBR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/28/2011
Class Period Begin: 
12/15/2010
Class Period End: 
08/03/2011
Court of Filing: 
U.S. District Court for the District of Colorado
Deadline To File for Lead: 
12/30/2011
Date Settled: 
12/16/2013
Settlement Amount: 
$3,000,000
Deadline to Participate in Settlement: 
04/09/2014
Settlement Notice: 
Settlement Proof: 
Summary: 

April 4, 2014 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

December 16, 2013 - The court preliminarily approved the settlement.

November 26, 2013 - Parties filed a stipulation of settlement.

June 7, 2012 - The lead plaintiffs filed a first amended consolidated complaint.

May 30, 2012 - The lead plaintiffs filed a motion for leave to file a first amended consolidated complaint.

May 9, 2012 - The defendants filed a motion to dismiss.

April 9, 2012 - The lead plaintiffs filed an amended consolidated complaint.

January 31, 2012 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

January 3, 2012 - A lead plaintiff motion was filed.

October 28, 2011 - An investor in shares of Ciber Inc (NYSE: CBR) filed a lawsuit in the U.S. District Court for the District of Colorado against Ciber Inc over alleged Violations of Federal Securities Laws.

According to the complaint the plaintiff alleges on behalf of all persons who purchased or otherwise acquired the securities of Ciber Inc between December 15, 2010 and August 3, 2011, that Ciber Inc and certain of its officers violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements concerning Ciber Inc's financial results and business prospects.

Even though Ciber Inc’s annual Total Revenue rose from $1,037million in 2009 to $1,071million in 2010, its 12months Revenue previously fell from $1,191million in 2008, respectively $1,081million in 2007. Additionally, despite a slightly increase in its annual Revenue from 09 to 2010, Ciber Inc’s Net Income fell from $23.95million in 07, respectively $26.88million for 2008, to $14.96million in 09 and a Net Loss of $77.16million in 2010.

Shares of Ciber Inc (NYSE: CBR) rose from as low as $2.20 in March 09 to as high as $6.76per share in April 2011. NYSE: CBR shares fell during April to $5.64 per share on April 28, 2011.

On May 3, 2011, Ciber Inc (NYSE: CBR), reported results for the first quarter of 2011. Among other things, Ciber Inc, announced that it expects for 2011 that its Revenue will grow exceeding 4% and an earnings per share (“EPS”) of $0.30. Shares of Ciber Inc (NYSE: CBR) rose during May to $6.37 per share and continued to trade above $5 per share most of June and July 2011.

Then on August 3, 2011, Ciber Inc (NYSE: CBR) reported results for the second quarter of 2011. Among other things, Ciber Inc, announced that it is withdrawing its financial guidance for full-year 2011 and its second quarter 2011 revenue increased only by 1% with a second quarter 2011 Net loss of $58.4 million.

Ciber Inc stock NYSE: CBR fell from over $5 on August 2 to $2.85 on August 3.