Two US law firms file class action lawsuit against Satyam

Two US-based law firms —- Izard Nobel LLP and Vianale & Vianale LLP —- have filed class-action lawsuits against Satyam Computer on behalf of shareholders of the software services firm’s American depositary shares.

Izard filed a suit in the United States District Court for the Southern District of New York on behalf of those who purchased the ADSs  between January 6, 2004, and January 6, 2009, while the Vianale suit is for class period January 6, 2004, through January 6, 2009.

Through Vianale, Aekta Ben Patel filed a class action complaint against Satyam Computer Services Ltd, B Ramalinga Raju and B Rama Raju in the United States district court in the southern district of New York. Here are the details of the suit:

Plaintiff: Aekta Ben Patel, on behalf of herself and all others similarly situated
Defendants: Satyam Computer Services B Ramalinga Raju and B Rama Raju
Court: United States district court southern district of New York

Nature of action: This is a class action on behalf of all purchasers of American depository shares of Satyam Computer Services Ltd bettween January 6, 2004, and January 6, 2009, inclusive.

Allegation: Each of the defendants is liable as a participant in a fraudulent scheme and course of business that operated as a fraud or deceit on buyers of Satyam ADSs.