Sarraf Gentile LLP Charges Satyam Computer Services Ltd. With Securities Fraud
January 08 2009 - 10:14AM
Marketwired
The law firm of Sarraf Gentile LLP has filed a securities fraud
class action lawsuit against Satyam Computer Services Ltd.
("Satyam" or the "Company") (NYSE: SAY) on behalf of those
investors who acquired the Company's American Depository Shares
during the period January 6, 2004 and January 6, 2009, inclusive
(the "Class Period"). The lawsuit is pending in Manhattan federal
court.
The complaint alleges that during the Class Period defendants
issued false and misleading financial information about the
Company. According to the complaint, on January 7, 2009, the
Company's former Chairman, B. Ramalinga Raju, issued a letter to
the Company's board of directors acknowledging a multi-year fraud
in which Satyam's financial accounts and disclosures were
systematically falsified, its profits overstated and its liability
understated. According to Raju: "What started as a marginal gap
between actual operating profit and the one reflected in the books
of accounts continued to grow over the years. It has attained
unmanageable proportions as the size of company operations grew."
Raju admitted to having inflated the amount of cash on the
Company's balance sheet by nearly $1 billion, according to the
complaint.
If you bought the securities of Satyam between January 6, 2004
and January 6, 2009, inclusive, you may, no later than 60 days from
January 7, 2009, move the Court to appoint you as lead plaintiff, a
representative party that acts on behalf of other class members.
The Court must determine whether the class member's claim is
typical of other class members' claims, and whether the class
member will adequately represent the class. Your ability to share
in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Sarraf Gentile
LLP or other counsel of your choice, to serve as your counsel in
this action.
The plaintiff is represented by the law firm of Sarraf Gentile
LLP, which has extensive experience in the prosecution of class
actions and has obtained millions of dollars on behalf of injured
investors. If you would like to participate in this action or would
like additional information about the lawsuit, please contact Ronen
Sarraf at Sarraf Gentile LLP, 11 Hanover Square, New York, NY 10005
(telephone: 212-868-3610; e-mail: ronen@sarrafgentile.com).
Contact: Ronen Sarraf Email Contact SARRAF GENTILE LLP 11
Hanover Square New York, NY 10005 T 212.868.3610 F 212.918.7967
www.sarrafgentile.com
Saratoga Investment (NYSE:SAY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Saratoga Investment (NYSE:SAY)
Historical Stock Chart
From Jul 2023 to Jul 2024