Satyam Computer Services, Ltd.: Tech company, auditors settle fraud case for $150.5 million

Served as co-lead counsel on behalf of Norwegian mutual fund manager SKAGEN A/S in this securities fraud class action against Satyam Computer Services Limited (Satyam) and certain of its former officers and directors and its former auditor PricewaterhouseCoopers International Ltd. (“PwC”), relating to Satyam’s disclosure that its former chairman had falsified the company’s financial reports by inflating reported cash balances by more than $1 billion.

The news caused the price of Satyam’s common stock and American Depository Shares to collapse. On behalf of the defrauded investors, we secured a $125 million settlement from Satyam as well as $25.5 million settlement from PwC, which allegedly signed off on the misleading audit reports. 

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