NEW YORK, Feb. 9, 2009 (LAWFUEL) — The law firm of Harwood
Feffer LLP announces that it filed a new class action lawsuit on
February 9, 2009 on behalf of purchasers of the American Depository
Shares (“ADSs”) of Satyam Computer Services Ltd. (“Satyam” or the
“Company”) (NYSE:SAY) during the period January 6, 2004 through January
6, 2009 (the “Class Period”). Shareholders may obtain a copy of the
complaint by calling our offices or emailing us at the e-mail addresses
listed below. The action is pending in United States District Court for
the Southern District of New York.
The complaint alleges that the Company and its two top executives
violated Sections 10(b) and 20(a) of the Securities Exchange Act of
1934 by issuing false and misleading financial statements. On January
7, 2009, the Company’s 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. According to the letter,
Raju admitted to having inflated the amount of cash on the Company’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%. The Complaint also
alleges that Satyam’s auditors PricewaterhouseCoopers Pvt. Ltd.,
PricewaterhouseCooopers International Limited, and
PricewaterhouseCoopers were active participants in the Company’s fraud.
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.
If you bought stock from January 6, 2004 through January 6, 2009, no
later than March 7, 2009, you may move the court to appoint you as lead
plaintiff, a representative party that acts on behalf of other class
members. The court must determine whether the class member’s claim is
typical of other members’ claims, and whether the class member will
adequately represent the class. Your ability to recover is not,
however, affected by your decision whether or not to serve as a lead
plaintiff.
