MINNEAPOLIS, July 31, 2020 /PRNewswire/ -- The following is being released by the Distribution Agent for the SEC v. Satyam Fair Fund Established by the Securities & Exchange Commission regarding Securities and Exchange Commission v. Satyam Computer Services Limited d/b/a Mahindra Satyam, Case No. 1:11-cv-00672-ESH.
On April 5, 2011, the Securities and Exchange Commission ("SEC" or "Commission") filed the settled, civil action against defendant Satyam Computer Services Limited d/b/a Mahindra Satyam ("Satyam"), an Indian company with depository shares trading on the New York Stock Exchange, alleging violations of the anti-fraud provisions of the federal securities laws. According to the Complaint, from at least 2003 through September 2008, Satyam deceived investors by falsifying the company's revenue, income, earnings per share, and interest bearing deposits.
If a person or entity purchased or otherwise acquired the American Depositary Shares ("ADSs") of Satyam Computer Service Ltd. ("Satyam") traded on the New York Stock Exchange ("NYSE"), ticker symbol:NYSE: SAYCY.PK during the Relevant Period (April 1, 2003 through January 6, 2009), they may be eligible to share in the distribution of the $16,000,000 Fair Fund.
Who is Eligible to Participate in the Fair Fund
All persons or entities that purchased or otherwise acquired Satyam ADSs traded on the NYSE, ticker symbol:NYSE: SAYCY.PK during the Relevant Period and who sustained a loss.
How to Participate
If a person or entity has already submitted a claim form in the In re Satyam Computer Services Ltd. Securities Litigation, No. 09-MD-2027-JPO (S.D.N.Y.) ("Class Action") and their claim was approved, THEY DO NOT need to complete another Claim Form. Instead, they must complete and submit a Release Form. If they had an approved Class Action claim and they have not received a Release Form yet, they should contact the Distribution Agent by calling 1-866-903-0634 or by sending an email to [email protected].
Please note, the Class Action Class Period, January 6, 2004 through January 6, 2009, inclusive, was shorter than the Relevant Period in this action, which is April 1, 2003 through January 6, 2009. If persons or entities have transactions that occurred from April 1, 2003 through January 5, 2004, they must provide that information on the Release Form.
However, if their Class Action claim was DENIED, or they did not submit a Class Action claim, they must complete and submit the full Claim Form.
To qualify for a Distribution Payment, persons or entities must file a signed Claim Form or Release Form with the Distribution Agent postmarked on or before the Claims Bar Date, November 14, 2020. If they require additional information or Claim Forms, they may obtain them by visiting the website at www.SECSatyamFairFund.com, by calling 1-866-903-0634, sending an email to [email protected], or writing to: SEC v. Satyam Fair Fund, c/o Rust Consulting, Inc., Distribution Agent - 5405, P.O. Box 62, Minneapolis, MN 55440-0062.
SOURCE U.S. Securities and Exchange Commission