Menu
Federal Contractor Misconduct Database (FCMD)
The federal government routinely awards contracts to companies with
histories of misconduct, including
…
contract fraud and other
violations. POGO believes that providing this website will help to
improve contracting decisions and increase public knowledge of how
the government spends billions of taxpayer dollars each year.
Read more…
City of Pontiac General Employees’ Retirement System v. Lockheed Martin (Securities Fraud)
Lockheed Martin agreed to pay $19.5 million to settle a securities fraud class-action lawsuit accusing the company of misleading investors. The lawsuit, filed by the Pontiac, Michigan public employees’ pension fund, alleged that Lockheed overstated the 2009 financial projections for its information systems and global services division. Lockheed Martin provided the following statement regarding the settlement: “We have agreed to settle this matter to avoid the expense and distraction of litigation. We continue to believe that our disclosures were legal and appropriate and that we would have prevailed in the litigation.”
- Misconduct Type
- Securities
- Enforcement Agency
- Non-Governmental
- Contracting Party
- None
- Court Type
- Civil
- Disposition
- Settlement
- Date of Settlement
- 2/19/2013