The law firm of Izard Nobel said late Wednesday it filed the suit seeking a class action in New York on behalf of people who purchased the American Depositary Receipts (ADRs) of Satyam Computer Services between January 6, 2004 and January 6, 2009.
The suit alleges that Satyam and its executives violated US securities laws 'by issuing materially false and misleading statements', the firm said in a statement.
Satyam's ADRs, or US-traded shares, fell 90 per cent after the fraud was revealed. -- AFP