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Flurry Of Legal Activity Follows Satyam Revelation

Law360 (January 8, 2009, 12:00 AM EST) -- Lawyers rushed to the courthouse Wednesday as news of a massive accounting fraud at Indian outsourcing company Satyam Computer Services Ltd. ricocheted around the world.

At least two proposed class actions were filed Wednesday in the U.S. District Court for the Southern District of New York alleging the company and its top executives violated federal securities laws by issuing false and misleading financial statements.

In a letter sent Wednesday to Satyam's board announcing his resignation, B. Ramalinga Raju, the company's chairman and founder, candidly revealed that...
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