Saxena White P.A. Has Filed a Securities Fraud Class Action Suit Against Satyam Computer Services Ltd. in the Southern District
January 20 2009 - 6:26PM
Marketwired
Notice is hereby given that Saxena White P.A. has filed suit on
behalf of shareholders of Satyam Computer Service Ltd. ("Satyam" or
the "Company") (NYSE: SAY) in the United States District Court for
the Southern District of New York.
The complaint seeks damages for violations of federal securities
laws on behalf of all investors who purchased Satyam Computer
Services Ltd. American Depository Shares (ADS's) and/or common
stock between January 6, 2004 through January 6, 2009, inclusive
(the "Class Period"). Satyam is a global consulting and information
services company.
Throughout the Class Period, defendants issued false and
misleading financial information about the Company and perpetrated
a financial fraud that is being called the "Enron of India." 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. Raju admitted to having inflated the
amount of cash on the Company's balance sheet by nearly $1 billion.
The top executives have been arrested by Indian authorities, and
new auditors have been hired to review the company's books. A large
accounting restatement is expected after the review is
complete.
You may obtain a copy of the complaint from the Court, by
contacting Saxena White P.A. through its website
www.saxenawhite.com, by emailing msaxena@saxenawhite.com or
gstone@saxenawhite.com, or by calling (561) 394-3399.
If you acquired the American Depository Shares of Satyam between
January 6, 2004 and January 6, 2009, inclusive, you may wish to
contact Maya Saxena or Greg Stone at Saxena White P.A. to discuss
your rights and interests:
If you wish to apply to be the lead plaintiff in this action, a
motion on your behalf must be filed with the court no later than
March 7, 2009. You may contact Saxena White P.A. to discuss your
rights regarding the appointment of lead plaintiff and your
interest in the class action. Please note that you may also retain
counsel of your choice and need not take any action at this time to
be a class member.
Saxena White P.A, which has offices in Boca Raton and Boston,
specializes in prosecuting securities fraud and complex class
actions on behalf of institutions and individuals. Currently
serving as lead counsel in numerous securities fraud class actions
nationwide, the firm has recovered millions of dollars on behalf of
injured investors and is active in major litigation pending in
federal and state courts throughout the United States.
Maya Saxena Email Contact Greg Stone Email Contact Saxena White
P.A. 2424 North Federal Highway Suite 257 Boca Raton, FL 33431 Tel:
(561) 394-3399 Fax: (561) 394-3382 www.saxenawhite.com
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