| Company: | Satyam Computer Services Ltd. |
| Ticker Symbol: | SAY |
| Class Period: | Jan-6-04 to Jan-6-09 |
| Date Filed: | Jan-7-09 |
| Lead Plaintiff Deadline: | Mar-8-09 |
| Court: | Manhattan Federal Court |
| Allegations: | |
According to the complaint the plaintiff alleges that Satyam Computer Services Ltd 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. 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" 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 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, so the lawsuit claims, pre-market activity in the stock indicates a loss of roughly 90% of its value. Satyam ADRs fell $8.42, or 90%, prior to the opening of the New York Stock Exchange which has suspended trading in Satyam's ADRs.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
