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Harwood Feffer LLP Files Class Action
Law Firm News/New York |
2009/02/09 13:01
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The law firm of Harwood Feffer LLP announces that it filed a new class action lawsuit on February 9, 2009 on behalf of purchasers of the American Depository Shares ("ADSs") 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 United States District Court for the Southern District of New York.
The complaint alleges that the Company and its two top executives violated Sections 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 Chairman B. Ramalinga Raju sent a letter to the Satyam Board of Directors and the Securities & Exchange Board of India admitting 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%. The Complaint also alleges that Satyam's auditors PricewaterhouseCoopers Pvt. Ltd., PricewaterhouseCooopers International Limited, and PricewaterhouseCoopers were active participants in the Company's fraud. As a result of this disclosure trading in the ADSs was halted, with an estimated indication of a loss being approximately 90% of its value.
If you bought stock from January 6, 2004 through January 6, 2009, no later than March 7, 2009, 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.
Harwood Feffer has taken a leading role in many important actions on behalf of defrauded shareholders and has recovered hundreds of millions of dollars in those efforts. The Harwood Feffer website (www.hfesq.com) has more information about the firm. If you wish to discuss this action with us or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Robert I. Harwood, Esq. Craig Lowther Harwood Feffer LLP 488 Madison Avenue New York, New York 10022 (toll free) 877-935-7400 e-mail: rharwood@hfesq.com clowther@hfesq.com |
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Gibson Dunn Partner James Moloney to Speak at KC Event
Law Firm News |
2009/02/06 11:08
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The Knowledge Congress, the leading producer of regulatory focused webinars announced today that James J. Moloney, Partner and Co-Chair, Securities Regulation and Corporate Governance, Gibson Dunn & Crutcher LLP will speak at the Knowledge Congress’ upcoming webinar entitled: “Smaller Reporting Company Regulatory Relief and Simplification: Best Practices Explored”. This 2-hour event is scheduled on February 24, 2009, Tuesday at 12:00 NN – 2:00 PM ET. (For further details of the event and an updated list of panelists, please visit: http://knowledgecongress.org/event_2008_SRC.html)
SEC recently finalized the amendment on the rules for Smaller Companies' reporting methods paving the way to a more simplified approach in complying with the new requirements. It also allows covered companies to choose between different disclosure categories. Moreover, a new definition of Smaller Reporting Company was issued; hence, expanded coverage is expected. This event will aim to further explain this amendment along with the issues surrounding its implementation. Small, as well as large scale companies are strongly encouraged to participate.
The Knowledge Congress is assembling a panel of distinguished professionals and key regulators to help the public understand this new and improved regulation. The speakers will share their expert opinions in a two-hour Live Webinar.
About James J. Moloney
James J. Moloney is a partner and Co-Chair of the firm's Securities Regulation and Corporate Governance Practice Group and is resident in the Orange County office of Gibson Dunn. He is also a member of the firm's Corporate Transactions Practice Group focusing primarily on securities, mergers and acquisitions, friendly and hostile tender offers, proxy contests, going-private transactions, and general corporate matters.
Mr. Moloney was with the Securities & Exchange Commission in Washington, D.C. for six years before joining Gibson Dunn in June 2000. He served his last three years at the Commission as Special Counsel in the Office of Mergers & Acquisitions in the Division of Corporation Finance. In addition to reviewing merger transactions, Mr. Moloney was the principal draftsman of Regulation M-A, a comprehensive set of rules relating to takeovers and shareholder communications, that was adopted by the Commission in October 1999.
Mr. Moloney advises a range of listed companies on reporting and other obligations under the securities laws, establishment of corporate compliance programs, and compliance with corporate governance standards under the securities laws and stock exchange rules. He has advised companies in connection with SEC and other U.S. regulatory investigations, and stock exchange proceedings, and works closely with partners in the firm’s Litigation Practice Group on securities-related lawsuits and investigations.
In the cross-border M&A arena, Mr. Moloney has been involved in cross-border tender offers, exchange offers and going private transactions. He has advised bidders as well as targets, and major shareholders of targets, on the registration, disclosure and reporting obligations under the securities laws arising from such transactions.
About Gibson, Dunn & Crutcher LLP
Gibson, Dunn & Crutcher has over 1,000 lawyers in 15 offices located in major cities throughout the United States, Europe, the Middle East and Asia, including Los Angeles, New York, Washington, D.C., Orange County, San Francisco, Palo Alto, London, Paris, Munich, Brussels, Dubai, Singapore, Century City, Dallas and Denver. We are committed to providing the highest quality legal services to our clients in a personal, responsive manner.
Gibson Dunn is a recognized leader in representing companies ranging from start-up ventures to multinational corporations in all major industries, including manufacturing, consumer services, hospitality and leisure, and technology, as well as commercial and investment banks, start-up ventures, emerging growth businesses, partnerships, government entities and individuals. We have an extensive practice representing corporations of all sizes in their transactional and general corporate matters.
For more information about James J. Moloney and Gibson, Dunn & Crutcher LLP, please visit: www.gibsondunn.com
About The Knowledge Congress
The Knowledge Congress is an organization that produces webinars that examine regulatory changes across a variety of industries. “We bring together the world's leading authorities and industry participants through informative two-hour Live webinars to study the impact of changing regulations.”
To contact or to register for an event, please visit: www.knowledgecongress.org. |
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Hunton & Williams adds Two "Honorable" Members
Law Firm News |
2009/01/29 10:34
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Hunton & Williams LLP announces the Hon. Michael A. Andrews and the Hon. Andrew Pickens Miller have joined the firm's government relations practice, based in Washington. Andrews, a former Democratic Congressman from the 25th Congressional District in Texas who sat on the House Committee on Ways and Means, was an independent government relations consultant before joining the firm. Miller, a former Virginia Attorney General, comes to the firm from Powell Goldstein LLP (now Bryan Cave LLP).
"The addition of these two professionals builds upon our strong presence in the energy, environmental, and climate change arenas, and will serve as a complement to the wealth of experience for which our broader regulatory practice is known," said Joseph C. Stanko, Jr., who heads the firm's government relations practice. "Both Michael and Andrew will provide clients with key perspectives on many issues critical to doing business in the emerging regulatory climate."
Andrews will continue to focus on public policy, with an emphasis on energy issues and federal taxation, and to provide key strategic advice and representation on matters before the Congress. He was a member of Congress from 1983 to 1994, serving as president of his freshman Democratic class, and receiving several awards for legislative work, including being named one of Congress' "Rising Stars" in 1990 by the National Journal. Andrews received an undergraduate degree from the University of Texas and a law degree from the Southern Methodist University. He is a member of the District of Columbia and Texas Bar associations.
Miller's decades-long practice focuses on state-based issues and litigation affecting agricultural corporations, electric utilities, financial service organizations, pharmaceutical companies, telecommunications firms and trade associations. Miller received his undergraduate degree magna cum laude from Princeton University and his law degree from the University of Virginia. He is a member of the American Bar Foundation and the Virginia Bar Association.
About Hunton & Williams LLP
Hunton & Williams LLP provides legal services to corporations, financial institutions, governments and individuals, as well as to a broad array of other entities. Since our establishment more than a century ago, Hunton & Williams has grown to more than 1,000 attorneys serving clients in 100 countries from 19 offices around the world. While our practice has a strong industry focus on energy, financial services and life sciences, the depth and breadth of our experience extends to more than 100 separate practice areas, including bankruptcy and creditors rights, commercial litigation, corporate transactions and securities law, intellectual property, international and government relations, regulatory law, products liability, and privacy and information management. For additional information visit our website at www.hunton.com. |
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Matthew Steinhilber Elected to Board of Center for Watershed Protection
Law Firm News/Delaware |
2009/01/21 14:29
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Matthew G. Steinhilber, an associate in the Baltimore office of the law firm Ballard Spahr Andrews & Ingersoll, LLP, has been elected to the board of directors of the Center for Watershed Protection.
The Center for Watershed Protection works to minimize the effects of urbanization and other land use on drainage basins in order to provide communities with clean water and conserve natural resources.
Mr. Steinhilber is a member of Ballard’s Real Estate Department, where he regularly represents lenders and borrowers in a variety of commercial and real estate finance transactions, including health care matters involving the financing and refinancing of continuing-care retirement communities, assisted living facilities, and skilled nursing homes. He also has served as underwriter’s counsel and bond counsel in several tax-exempt and taxable bond financings. Mr. Steinhilber’s diverse practice also includes representing public housing authorities in mixed-finance and Capital Fund Financing Program transactions. |
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Gary Scott of Hirst Applegate Obtains Judgement
Law Firm News/Wyoming |
2009/01/21 11:13
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Gary Scott recently was successful in obtaining summary judgment in a state court medical malpractice action filed against a nursing home client of Hirst Applegate. The case arose from an incident in which a resident of the nursing home was inadvertently administered the wrong medication, causing the resident to be hospitalized. Subsequently, after discharge from the hospital the resident passed away, with the immediate cause of death being cancer. However during discovery plaintiff`s expert witness testified that it was his opinion within a reasonable degree of medical probability that the medication error hastened the resident`s death to some extent. Based upon that testimony a motion for summary judgment was filed, which argued that under Wyoming law if a person`s death is caused by the alleged wrongful act of another, the sole remedy is an action for wrongful death. The plaintiff in this instance had not brought a wrongful death case, but instead had filed a survival action. The Court found that since the plaintiff`s proof was that the former resident`s death had been hastened by the medication error, the sole remedy was a wrongful death action. The Court dismissed the plaintiff`s complaint with prejudice.
Hirst Applegate Website |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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