DENVER, Jan. 9, 2009 (GLOBE NEWSWIRE) -- Dyer & Berens LLP today announced that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased the American Depository Shares ("ADSs") of Satyam Computer Services Ltd. (NYSE:SAY) between January 6, 2004 and January 6, 2009, inclusive ("Class Period").
If you purchased Satyam ADSs during the Class Period, you may, no later than March 9, 2009, request that the court appoint you as a lead plaintiff for the Class. A lead plaintiff is a class member that acts on behalf of other investors in directing the litigation. Although your ability to share in any recovery is not affected by your decision to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
For a free consultation regarding your rights and interests with respect to the pending lawsuit, you may contact Jeffrey A. Berens, Esq. at (888) 300-3362, (303) 861-1764, or via email at jeff@dyerberens.com. The complaint charges the company and its top executives with violations of the Securities Exchange Act of 1934 for issuing false and misleading financial statements. On January 7, 2009, the company's Chairman and Founder, B. Ramalinga Raju, sent a letter to the company's Board of Directors acknowledging a multi-year fraud in which Satyam's financial accounts and disclosures were systematically falsified. For example, according to the letter, the company had inflated the amount of cash on its balance sheet by nearly $1 billion. In response, Satyam's ADRs were immediately suspended from trading.
Although at this time Dyer & Berens LLP has not filed its complaint in this matter, it specializes in complex class action litigation on behalf of injured investors throughout the nation. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.