Pomerantz Law Firm Reports on Developments Relevant to the Securities Fraud Case against Satyam Computer Services (SAY), Its ...
February 04 2009 - 2:10PM
Business Wire
Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) (�Pomerantz�) has
filed a class action complaint in the United States District Court,
Southern District of New York against Satyam Computer Services
(�Satyam� or the �Company�), its former Chairman B. Ramalinga Raju;
his brother, B. Rama Raju; and Satyam�s outside auditors
PricewaterhouseCoopers Pvt. Ltd., Price Waterhouse (�PwC�) and
Pricewaterhouse Coopers International Limited.
The class action (Case No. 09-CV-489) was filed on behalf of
purchasers of the American Depository Receipts (�ADRs�) of Satyam
between January 6, 2004 through January 6, 2009, inclusive (the
�Class Period�). The Complaint alleges violations of Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934 (15 U.S.C.
Sections 78j(b) and 78t(a)).
In addition to allegations of fraud against Satyam and the
officer defendants, the complaint alleges that PwC was aware of, or
recklessly disregarded, a multi-year massive fraud by Satyam
management to overstate the Company�s earnings and concocting $1
billion of cash that didn�t exist. The case further alleges that
PwC ignored red flags that should have alerted it to the fraud, and
moreover, failed to perform its audits in accordance with the
requisite accounting principles. Two partners of PwC have been
arrested in India in connection with their audits of Satyam.
Disclosure of the stunning fraud at Satyam materially impacted the
price of the Company�s ADRs. Indeed, trading in the Company�s ADRs
was briefly halted after the fraud was revealed, and the ADRs are
now currently trading just below $2, a precipitous drop from the
Company�s 52-week high of $29.84.
If you purchased or acquired the ADRs of Satyam during the Class
Period, you have until March 9, 2009 to ask the Court to appoint
you as lead plaintiff for the class. Lead plaintiffs must meet
certain legal requirements. Shareholders outside the United States
may join the action. If you wish to review a copy of the Complaint,
to discuss this action, or have any questions, please contact
Shaheen Rushd (srushd@pomlaw.com) of the Pomerantz Firm at
888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by
e-mail are encouraged to include their mailing address and
telephone number.
The Pomerantz Firm, which has offices in New York, Chicago,
Washington, D.C., Columbus, Ohio and the San Francisco Bay area, is
acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late
Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 70 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered hundreds of millions
of dollars on behalf of class members.
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