Murray, Frank & Sailer LLP has filed a class action lawsuit in the
United States District Court for the Southern District of New York, on
behalf of investors who purchased American Depositary Shares (“ADSs”) of
Satyam Computer Services Ltd. (“Satyam” or the “Company”) (NYSE:SAY)
during the period between January 06, 2004 and January 06, 2009,
inclusive (the “Class Period”).
The complaint alleges that the Company and its top executives violated
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by
issuing false and misleading financial statements. On January 7, 2009,
the Company’s CEO B. Ramalinga Raju sent a letter to the Satyam Board of
Directors and the Securities & Exchange Board of India acknowledging a
“multi-year” fraud in which Satyam’s financial accounts and disclosures
were systematically falsified. According to the letter, Raju admitted to
having inflated the amount of cash on the Company’s balance sheet by
nearly $1 billion, incurring liability of $253 million on funds arranged
by him personally, and overstating Satyam’s September 2008 quarterly
revenues by 76% and profits by 97%. As a result of this disclosure the
NYSE halted trading in the ADSs. After trading resumed on Monday,
January 12, 2009, Satyam’s ADSs fell the most ever, $7.89 or 84.39%,
from the previous trading date closing price of $9.35, to close at $1.46.
If you are a member of the proposed Class, you may move the court no
later than March 9, 2009, to serve as a lead plaintiff for the Class. A
Lead Plaintiff is a representative chosen by the Court, who acts on
behalf of other class members in directing the litigation.
If you would like to discuss this action, this announcement, or your
rights and interests, please contact us.
Murray, Frank & Sailer LLP
Eva Hromadkova
Brian Brooks
212-682-1818
800-497-8076
newcase@murrayfrank.com
www.murrayfrank.com
