Reports say that law firms in the US have begun filing class-action suits against Satyam and its beleaguered executives for fraud. Two such class action lawsuits -- one by a US law firm Izard Nobel LLP and the other by an investor in Satyam ADS -- have been filed in a district court in New York.
A law firm, Izard Nobel LLP, has initiated a lawsuit seeking class action status against the company in the United States District Court for the Eastern District of Michigan on behalf of its investors. The law firm said certain officers and directors of Caraco violated federal securities' laws and interests of the investors by giving misleading information on the business of the company. It has asked the investors to join the suit before September 15 to claim their damages.
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