BOCA RATON, Fla., Jan. 7, 2009 (GLOBE NEWSWIRE) -- The law firm of Vianale & Vianale LLP announces that it filed a class action lawsuit on January 7, 2009 on behalf of purchasers of the American Depository Shares 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 Manhattan federal court, Case No. 09-CV-00093.
The complaint alleges that the Company 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. On January 7, 2009, the Company'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 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%. As a result of this disclosure pre-market activity in the stock indicates a loss of roughly 90% of its value.
If you bought stock from January 6, 2004 through January 6, 2009, no later than 60 days from today, 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. Vianale & Vianale LLP is active in major litigations pending in federal and state courts. More about the firm is available on its website.
If you wish to discuss this action with us, or have any questions concerning our lawsuit, this notice or your rights and interests with regard to this case, please contact:
Kenneth J. Vianale, Esq. kvianale@vianalelaw.com Ismael Aviles iaviles@vianalelaw.com Vianale & Vianale LLP 2499 Glades Road, Suite 112 Boca Raton, FL 33431 888-657-9960 (Toll Free) (561-392-4750) www.vianalelaw.com