Insider Selling/Undisclosed Related Party Transactions
Lead Plaintiff Not Chosen
Products or Services
On January 7, 2009, Satyam Computer Services' Chairman B. Ramalinga Raju sent a letter to the Satyam Board of Directors and the Securities & Exchange Board of India admitting a "multi-year" fraud in which Satyam's financial accounts and disclosures were systematically falsified. Raju admitted to having inflated the amount of cash on Satyam's balance sheet by nearly $1 billion, incurring liability of $253 million on funds arranged by him personally, and overstating Satyam's September 2008 quarterly revenues by 76% and profits by 97%.
As a result of this disclosure trading in the ADSs was halted, with an estimated indication of a loss being approximately 90% of its value.
Investors in Satam's stock were simply crushed by this fraud. This class action seeks to recoup for investors whatever portion of their losses the law permits.
Name (Stock Symbol)
Satyam Computer Services Ltd. (SAY)
Satyam Computer Services Limited provides information technology services and business process outsourcing (BPO) services in North America, Europe, the Asia Pacific, the Middle-East, Australia, Africa, and South America.
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