In re Satyam Computer Services Ltd. Securities Litigation 

Update on the Distribution of Net Settlement Funds

The Court has approved the distribution of the Net Settlement Funds to eligible Court-approved Class Members who qualified for an award under the Plan of Allocation.  A distribution of funds has occurred on the following date/s:

March 2014
November 2020
April 2022

If you submitted a Claim in this case and have any questions related to that Claim, please contact the Claims Administrator whose contact information is listed here below:

Satyam Computer Services Ltd.
Securities Litigation
c/o Rust Consulting, Inc.
P.O. Box 2461
Faribault, MN 55021-9161
Toll-free telephone: 888-227-1652
Email: info@SatyamSecuritiesSettlement.com

The following is a summary of information presented in more detail in the Notice, that was mailed to potential Class Members that could be identified, and which you can access by clicking the box on the left. Since this is just a summary, you should read the full Notice for additional details.

Please read this information carefully. If you are a Class Member (as defined below), your legal rights will be affected by these Settlements and you may be eligible to participate in the two Settlements which total $150.5 million. Subject to certain exceptions described in Question 6 of the Notice, the Class includes:

All persons and entities who: (a) purchased or otherwise acquired Satyam ADSs traded on the NYSE during the Class Period and were damaged thereby; and/or (b) were investors residing in the United States at the time they purchased or otherwise acquired Satyam Ordinary Shares traded on the Indian Exchanges during the Class Period and were damaged thereby. The Class includes the Sub-Classes consisting of: (a) all persons who exercised options to purchase Satyam ADSs pursuant to Satyam Employee ADS Plans during the Class Period and who were damaged thereby; and (b) all United States residents who exercised options to purchase Satyam Ordinary Shares pursuant to Satyam Employee Ordinary Share Option Plans during the Class Period and who were damaged thereby.

The Class Period is from January 6, 2004 through and including January 6, 2009.

Securities Brokers and other Nominees: Please see instructions on page 20 of the Notice.

The Court will hold a hearing on September 8, 2011, at 3:00 p.m., at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, Courtroom 17C, 500 Pearl Street, New York, New York. At this hearing, the Court will consider whether the Settlements are fair, reasonable and adequate, and should be approved, and will also consider the proposed Plan of Allocation for the proceeds of both Settlements and the application for attorneys’ fees and reimbursement of expenses. Note: The Court may change the date or time of the Settlement Hearing without further notice. If you plan to attend the Settlement Hearing, you should check with Lead Counsel (listed in the Contact Information link on the left) to be sure that the date and/or time has not changed.

Lead Plaintiffs allege that Defendants violated the Securities Exchange Action of 1934 and the Securities Act of 1933, by issuing materially false and misleading statements during the Class Period about Satyam’s financial results. The Settling Defendants maintain that they have meritorious defenses to all claims that were raised or could have been raised in this Action.

Satyam will deposit $125 million and the PwC Entities will deposit $25.5 million into interest-bearing escrow accounts. The balance of these funds, after deduction of Court-awarded attorneys’ fees and expenses, notice and administration costs, any banking transaction costs and banking fees, any and all applicable taxes, and the establishment of a litigation fund for the continuing prosecution of the Action against the remaining defendants in the Action (the “Net Settlement Funds”), will be distributed to Class Members who timely submit valid Proofs of Claim that are accepted for payment by the Court (“Authorized Claimants”) in accordance with the plan of allocation that is approved by the Court.

If you are a Class Member, you may:

To qualify for a payment, you must send in a timely, valid and completed Proof of Claim form with all required supporting documents (DO NOT SEND ORIGINALS) to the Claims Administrator. You may download a Proof of Claim at the link on the left. Please read the instructions carefully, fill out the Proof of Claim form, include all the documents the form asks for, sign it, and mail it to the Claims Administrator by first class mail, postmarked no later than September 23, 2011.

Further information regarding the Settlements, the Notice and how to file your claim may be obtained by contacting the Claims Administrator or through reading the Notice and Proof of Claim that can be accessed through the links on the left. You may also contact Lead Counsel at the addresses listed on the Contact Information link on the left.