About a dozen lawsuits filed against Satyam in US
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.world Updated: Jan 11, 2009 14:25 IST
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.