Represented the lead plaintiff and recovered $150.5 million for investors in “Enron of India” accounting fraud
Plaintiff(s):
Public pension fund serving as lead plaintiff
Case type / claims:
Securities class action alleging massive accounting fraud at Satyam Computer Services (dubbed “the Enron of India”), where company executives inflated the balance sheet by over INR 71 billion (approximately $1.4 billion USD), causing the company’s $3.15 billion USD market capitalization to collapse overnight.
Defendant(s):
Satyam Computer Services Ltd. and certain officers and directors
Jurisdiction:
U.S. District Court for the Southern District of New York
Year:
2011
Outcome:
- Settled for $150.5 million, one of the largest U.S. securities fraud recoveries involving a foreign issuer.
