ID :
40093
Mon, 01/12/2009 - 09:09
Auther :
Shortlink :
http://m.oananews.org//node/40093
The shortlink copeid
About a dozen lawsuits filed against Satyam in US
New York, Jan 11 (PTI) About a dozen lawsuits have been filed against Satyam Computer in US courts, charging the Indian IT firm with duping thousands of American investors out of billions of dollars.
When asked about the specific damages sought in the
lawsuit, law firm Vianale & Vianale LLP's counsel Keneth J
Vianale said that the sum duped could be in hundreds of
millions of dollars.
Vianale said in an emailed statement to PTI: "We have not
alleged a specific damages amount that we are seeking. That
will be a subject of expert testimony.
"However, in cases of this sort, it is not unusual for
the damages to be in the hundreds of millions of dollars."
Another law firm Pomerantz Haudek Block Grossman & Gross
said that it "has commenced an investigation of the scandal on
behalf of investor clients, and is exploring the possible
claims that can be raised, including under the federal
securities laws ...
"... and focusing on identification of possible
defendants in addition to the Raju brothers, such as outside
auditors, and on the location of assets in this country."
After the scandal was revealed, trading in Satyam shares
was halted by the NYSE on January 7 and the stock exchange has
said that it is assessing whether the firm deserves to stay on
the bourses.
The trading could be resumed on Monday if its review is
satisfactory, the exchange said in a statement.
In these lawsuits, Satyam Computer has been charged with
duping thousands of American investors by artificially
inflating share price.
While two lawsuits were filed on January 7, the day when
Satyam's founder-chairman Ramalinga Raju resigned after
disclosing massive financial irregularities to the tune of
over a billion dollar, so far there has been nearly a dozen
lawsuits that have been filed against the company.
Earlier, nearly six law firms including Brodsky & Smith
LLC, Glancy Binkow & Goldberg LLP, Harwood Feffer LLP, Sarraf
Gentile LLP, Vianale & Vianale LLP and Izard Nobel LLP had
filed class action law suits against Satyam Computer.
Besides, these five more lawsuits have also been filed
including Pomerantz Haudek Block Grossman & Gross, Finkelstein
Thompson, Dyer & Berens, Brualdi Law Firm, and Federman &
Sherwood.
Meanwhile, Finkelstein Thompson has also announced a
class action lawsuit on behalf of Satyam Computer ADR holders
in the United States District Court for the Southern District
of New York.
In another instance, Dyer & Berens has filed a class
action lawsuit in the United States District Court for the
Southern District of New York on behalf of investors who
purchased the American Depository Receipts of Satyam Computer
between January 6, 2004 and January 6, 2009.
Glancy Binkow & Goldberg, Federman & Sherwood, Harwood
Feffer and Izard Nobel have filed their class action lawsuits
in the United States District Court for the Southern District
of New York. Identical suits filed by Vianale & Vianale and
Sarraf Gentile are pending in the Manhattan federal court. PTI
DRR
When asked about the specific damages sought in the
lawsuit, law firm Vianale & Vianale LLP's counsel Keneth J
Vianale said that the sum duped could be in hundreds of
millions of dollars.
Vianale said in an emailed statement to PTI: "We have not
alleged a specific damages amount that we are seeking. That
will be a subject of expert testimony.
"However, in cases of this sort, it is not unusual for
the damages to be in the hundreds of millions of dollars."
Another law firm Pomerantz Haudek Block Grossman & Gross
said that it "has commenced an investigation of the scandal on
behalf of investor clients, and is exploring the possible
claims that can be raised, including under the federal
securities laws ...
"... and focusing on identification of possible
defendants in addition to the Raju brothers, such as outside
auditors, and on the location of assets in this country."
After the scandal was revealed, trading in Satyam shares
was halted by the NYSE on January 7 and the stock exchange has
said that it is assessing whether the firm deserves to stay on
the bourses.
The trading could be resumed on Monday if its review is
satisfactory, the exchange said in a statement.
In these lawsuits, Satyam Computer has been charged with
duping thousands of American investors by artificially
inflating share price.
While two lawsuits were filed on January 7, the day when
Satyam's founder-chairman Ramalinga Raju resigned after
disclosing massive financial irregularities to the tune of
over a billion dollar, so far there has been nearly a dozen
lawsuits that have been filed against the company.
Earlier, nearly six law firms including Brodsky & Smith
LLC, Glancy Binkow & Goldberg LLP, Harwood Feffer LLP, Sarraf
Gentile LLP, Vianale & Vianale LLP and Izard Nobel LLP had
filed class action law suits against Satyam Computer.
Besides, these five more lawsuits have also been filed
including Pomerantz Haudek Block Grossman & Gross, Finkelstein
Thompson, Dyer & Berens, Brualdi Law Firm, and Federman &
Sherwood.
Meanwhile, Finkelstein Thompson has also announced a
class action lawsuit on behalf of Satyam Computer ADR holders
in the United States District Court for the Southern District
of New York.
In another instance, Dyer & Berens has filed a class
action lawsuit in the United States District Court for the
Southern District of New York on behalf of investors who
purchased the American Depository Receipts of Satyam Computer
between January 6, 2004 and January 6, 2009.
Glancy Binkow & Goldberg, Federman & Sherwood, Harwood
Feffer and Izard Nobel have filed their class action lawsuits
in the United States District Court for the Southern District
of New York. Identical suits filed by Vianale & Vianale and
Sarraf Gentile are pending in the Manhattan federal court. PTI
DRR
