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Follow on Google News | Satyam Computer Services Ltd. Investor Class Action LawsuitClass Action Lawsuit On Behalf Of Certain Satyam Computer Services Ltd. (ADR; NYSE-SAY) Investors Against Satyam Computer Services - Deadline expires on March 06, 2009 –
By: Shareholders Foundation, Inc. If you purchased American Depository Shares (ADS) of Satyam Computer Services Ltd. during the period January 6, 2004 through January 6, 2009, you have certain options and there are strict and short deadlines running (March 06, 2009). You should contact the Shareholders Foundation, Inc. immediately. Email: mail@shareholdersfoundation.com Or call us at: +1 (858) 779 - 1554 According to the complaint the plaintiff alleges that Satyam Computer Services Ltd. (NYSE-SAY; “Satyam”) and its top executives violated the Section 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading financial statements. Satyam, founded in 1987, made its name by helping companies tackle the year 2000 computer bug. By 2001, the so-called Y2K revenue was substituted by software that helped companies to complete transactions over the Internet. The fall of Raju began three weeks ago when Satyam proposed paying $1.6 billion for Maytas Properties Ltd. and Maytas Infra Ltd., both tied to his family. Trading in Satyam ADS was halted after January 7, when Satyam chairman B Ramalinga Raju admitted to falsifying the accounts of the company and sparked a record plunge in the company’s shares that wiped out $2.2 billion of investor wealth. Specifically, on January 7, 2009, Satyam '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" On December 23, DSP Merrill Lynch sold shares. Interestingly, DSP Merrill Lynch was less than a week later appointed by Satyam to consider strategic options for the company following criticism of the aborted Maytas acquisition bid. And on the same day, as well as the next, December 24, DSP Blackrock sold shares of Satyam. Around a week later, on Dec 29 and 30, Deutsche Bank sold shares at a time when the scrip was bouncing back somewhat. Then on January 2, HDFC Mutual Fund offloaded shares. Satyam's price was still on its way up from the lows it had touched just a few weeks earlier, but several times the price it would be commanding just a week later. On January 5, two days before Raju's "confession" Three new directors led by Housing Development Finance Corp., India's second-largest private sector bank, chairman Deepak Parekh met in Hyderabad to take over India’s fourth-largest software exporter after the government replaced its board. The other two board members are former regulator C. Achuthan and Kiran Karnik, ex-president of the nation’s software industry lobby group. The complaints also allege that Satyam's auditors PricewaterhouseCoopers, PricewaterhouseCooopers International, and PricewaterhouseCoopers were active participants in alleged Satyam's fraud. Pricewaterhouse admitted that the problems at Satyam have ‘created a difficult environment’ IGate Corp., a U.S.-based computer services provider with operations in India, said earlier it may consider merging with Satyam if the new management seeks a strategic partner. Meanwhile the Government said that a prospective buyer of Satyam will have to make an open offer of 20 per cent. Corporate Affairs Minister P C Gupta told reporters: "Whether it (stake to be offered in Satyam) is 31 per cent or 26 per cent, anybody coming in would have to make an open offer of 20 per cent in the market and then the number of shares with the person or with the bidder could be higher than 31 per cent or 26 per cent. So, that is not an issue”. If you purchased American Depository Shares (ADS) of Satyam Computer Services Ltd. during the period January 6, 2004 through January 6, 2009, you have certain options and there are strict and short deadlines running (March 06, 2009). You should contact the Shareholders Foundation, Inc. immediately. Email: mail@shareholdersfoundation.com Or call us at: +1 (858) 779 - 1554 Shareholders Foundation, Inc. Trevor Allen 3111 Camino Del Rio North - Suite 423 - 92108 San Diego Tel:+1-(858)- Fax:+1-(858)- mail@shareholdersfoundation.com www.ShareholdersFoundation.com ____________________________________________________________ # # # Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Any statements made in press releases, emails or over the phone by any member or personnel employed by Shareholders Foundation, Inc. or by third parties related to the Shareholders Foundation, Inc. is provided for research and guidance purposes only and are not legal advices. The information is provided as a public service. It is not intended as legal advice and should not be relied upon. End
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