Southern District of New York
G&E represented a public pension fund as lead plaintiff in a securities class action against Satyam. Dubbed “The Enron of India,” investors in Satyam were stunned when the company’s Chairman, B. Ramalinga Raju, publicly released a letter admitting that Satyam’s balance sheet was inflated by at least INR 71 billion (Indian rupees), equal to approximately $1.4 billion USD. The day prior to its collapse, Satyam was listed as having a market capitalization of $3.15 billion USD. That value evaporated overnight as a result of the fraud. The litigation was settled for a total of $150.5 million.