Brower Piven Encourages Investors Who Have Losses in Excess of $300,000 From Investment in Satyam Computer Services Ltd. to Inqu
January 16 2009 - 5:58PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Southern District of New York on behalf of purchasers
of the American Depository Shares of Satyam Computer Services Ltd.
("Satyam" or the "Company") (NYSE: SAY) during the period between
January 6, 2004 through January 6, 2009, inclusive (the "Class
Period").
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the Company's failure
to disclose during the Class Period that the Company inflated the
amount of cash on the Company's balance sheet by nearly $1 billion,
incurring liability of $253 million on funds arranged by the
Company's CEO personally, and overstating Satyam's September 2008
quarterly revenues by 76% and profits by 97%. According to the
complaint, after the Company's CEO, B. Ramalinga Raju, sent to
Satyam's board of directors on January 7, 2009 admitting to the
foregoing misrepresentations, the value of Satyam's ADRs declined
by approximately 90%.
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than March 9, 2009 and be selected by the Court.
The lead plaintiff will direct the litigation and participate in
important decisions including whether to accept a settlement and
how much of a settlement to accept for the Class in the action. The
lead plaintiff will be selected from among applicants claiming the
largest loss from investment in the Company during the Class
Period. You may contact Brower Piven (through
hoffman@browerpiven.com or 410/986-0036) to answer any questions
you may have in that regard.
If you have suffered a net loss for all transactions in Satyam
Computer Services Ltd. securities during the Class Period, you may
obtain additional information about this lawsuit and your ability
to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410-986-0036, or at Brower Piven, A Professional
Corporation, The World Trade Center-Baltimore, 401 East Pratt
Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower
Piven have combined experience litigating securities and class
action cases of over 40 years. If you choose to retain counsel, you
may retain Brower Piven without financial obligation or cost to
you, or you may retain other counsel of your choice. You need take
no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Baltimore, Maryland 410/986-0036 Email Contact
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