SEC Hands Satyam Wells Notice Over Massive Fraud

Law360, New York (October 1, 2010, 7:16 PM EDT) -- Indian technology company Satyam Computer Services Ltd. revealed that it has received a Wells notice from the U.S. Securities and Exchange Commission in connection with a massive accounting fraud that was uncovered last year.

The company, based in Hyderabad in India’s Andhra Pradesh state, disclosed Thursday in a regulatory filing that it had received the notice, which signals that the SEC may bring an enforcement action related to the $1 billion scheme.

According to the filing, the SEC is conducting a formal investigation into misstatements in...
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