Finkelstein Thompson LLP Announces Investigation of Satyam Computer Services, Ltd.


WASHINGTON, Jan. 8, 2009 (GLOBE NEWSWIRE) -- Finkelstein Thompson LLP announces that a class action lawsuit has been filed on behalf of purchasers of American Depositary Receipts ("ADRs") of Satyam Computer Services, Ltd. ("Satyam" or the "Company") (NYSE:SAY) in the United States District Court for the Southern District of New York. Finkelstein Thompson is investigating similar claims at this time.

According to the filed complaint, Satyam's CEO B. Ramalinga Raju resigned after issuing a statement acknowledging that he had inflated the amount of cash on the balance sheet of Satyam by nearly $1 billion. Raju also revealed that he had incurred a liability of $253 million on funds he personally arranged and had overstated Satyam's September 2008 quarterly revenues by 76% and profits by 97%. In response to this news, on January 7, 2009, Satyam ADRs plunged $8.42, or 90 percent, to 93 cents before the opening of the New York Stock Exchange ("NYSE"). The NYSE has since halted trading in the stock.

Finkelstein Thompson LLP has spent almost three decades delivering outstanding representation to institutional and individual clients in connection with securities and other finance-related litigation and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. The firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.

If you are an ADR-holder of Satyam Computer Services Ltd., and wish to discuss your rights and interests as an investor, please contact our Washington, D.C. office toll-free at (877) 337-1050 or by email at contact@finkelsteinthompson.com. You can learn more about Finkelstein Thompson LLP at www.finkelsteinthompson.com.



            

Contact Data