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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
Contractors Involved Penalty
Total
Lockheed Martin $19,500,000
Further Information Released
Settlement Agreement 2/19/2013
Amended Complaint 11/19/2012

Federal Contractor Misconduct Database