On May 12, 2009, Mineworkers' Pension Scheme, along with Mississippi Public Employees’ Retirement System, Sampension KP Livsforsikring A/S, and SKAGEN A/S, were appointed as Co-Lead Plaintiffs and the District Court approved their selection of Labaton Sucharow LLP to serve as Co-Lead Counsel in In re Satyam Computer Services, Ltd. Securities Litigation No. 1:09-md-02027-BSJ (S.D.N.Y.). Lead Plaintiffs represent a class of purchasers of Satyam’s American Depository Receipts (“ADRs”) and U.S. purchasers of Satyam’s common shares between January 6, 2004 and January 6, 2009, inclusive.

The case stems from allegations that Satyam committed the largest corporate fraud in Indian history. On January 7, 2009, Defendant B. Ramalinga Raju, Satyam’s founder and Chairman, admitted that for many years he falsified Satyam’s books and reported inflated revenues, profits and assets for the Company, while understating its liabilities; he subsequently resigned from the Company and was arrested. He also implicated his brother, Defendant B. Rama Raju, the Company’s Managing Director and CEO, who resigned from the Company and was arrested. Defendant Srinivas Vadlamani, Satyam’s CFO, resigned and was arrested as well. The egregiousness of the fraud is evident by B. Ramalinga Raju’s admission that he falsely claimed $1 billion in cash assets for the Company. He acknowledged that the fraudulent scheme “simply reached unmanageable proportions,” which he likened to “riding a tiger, not knowing how to get off without being eaten.”

The materially false and misleading statements that Defendants issued about the Company inflated the price of Satyam’s securities. Upon disclosure of the fraud, trading in the Company’s ADRs was halted from January 7, 2009 through January 9, 2009. When trading resumed on January 12, 2009, the Company’s ADRs plummeted more than 84 percent, from a January 6, 2009 closing price of $9.35 to close at $1.46 per share on January 12, 2009. As a result of these disclosures, Satyam shares plummeted 77% on the Bombay Stock Exchange and the NYSE halted trading in Satyam ADRs. When the NYSE resumed trading Satyam ADRs on January 12, 2009, Satyam’s ADRs fell by approximately 90%, $7.89, to close at $1.46 from the previous trading day’s closing price of $9.35.

A motion was filed on March 9, 2009 to appoint Mineworkers' Pension Scheme as Lead Plaintiff in the case against Satyam. Mineworkers' Pension Scheme subsequently joined with Mississippi Public Employees' Retirement System, SKAGEN A/S, and Sampension K.P Livsforsikring A/S. Mineworkers' Pension Scheme was appointed Co-Lead Plaintiff on May 12, 2009. The consolidated complaint was filed on July 17, 2009. Defendants filed motions to dismiss. Lead Plaintiffs filed their oppositions to those motions on January 22, 2010.