Judge Nixes Lead Satyam Securities Plaintiffs

Law360, New York (March 17, 2009, 12:00 AM EDT) -- Just two days after she issued it, a federal judge has vacated an order appointing a group of seven investors as lead plaintiffs and consolidating numerous securities lawsuits against Indian outsourcing company Satyam Computer Services Ltd.

On Monday, Judge Barbara S. Jones of the U.S. District Court for the Southern District of New York vacated the Friday order, which joined together about a dozen cases accusing Satyam and its top executives of violating federal securities laws by issuing false and misleading financial statements.

The vacated order...
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