BENSALEM, Pa., Jan. 7, 2009 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that it is investigating potential claims against Satyam Computer Services Limited ("Satyam" or the "Company") (NYSE:SAY), for possible securities violations. The investigation focuses on a January 7, 2009 letter of resignation (the "Letter") from Satyam's Chairman Ramalinga Raju ("Raju") to the Company's Board of Directors, with copies to the Bombay Stock Exchange. According to the Letter, as of September 30, 2008, the Company's balance sheet carries: (1) inflated (non existent) cash and bank balances of 50.40 billion rupees ($1.04 billion) (as against 53.61 billion reflected in the books); (2) an accrued interest of 3.76 billion rupees which is non existent; (3) an understated liability of 12.30 billion rupees on account of funds arranged by Raju; and (4) an overstated debtors position of 4.90 billion rupees (as against 26.51 billion reflected in the books). Moreover, the Letter states that the gap in the balance sheet has arisen purely on account of inflated profits over the past several years.
If you purchased or otherwise acquired Satyam's stock or if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638 4847, Toll Free at (888) 638 4847, or by email to howardsmith@howardsmithlaw.com.