Glancy Binkow & Goldberg LLP -- Representing Investors Who Purchased American Depositary Shares of Satyam Computer Services Limited -- Announces Update to Shareholder Lawsuit -- SAY

• Press Release
• Source: Glancy Binkow & Goldberg LLP
• On 10:00 pm EST, Friday February 13, 2009

LOS ANGELES, Feb. 13, 2009 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP -- representing shareholders of Satyam Computer Services Limited -- announces 24 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All purchasers of the American Depositary Shares (``ADSs'') of Satyam Computer Services Limited (``Satyam'' or the ``Company'') (NYSE:SAY - News), between January 6, 2004 and January 6, 2009, inclusive (the ``Class Period''), may move the Court not later than March 9, 2009, to serve as lead plaintiff; however, you must meet certain legal requirements.

Related Quotes

Symbol	Price	Change
SAY	4.84	+0.08

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If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at http://www.glancylaw.com.

The Complaint charges Satyam and certain of its executive officers and directors with violations of federal securities laws. Satyam provides information technology services and business process outsourcing services in North America, Europe, the Asia Pacific, Middle-East, Australia, Africa and South America. Plaintiff claims that defendants artificially inflated the price of Satyam ADSs by issuing material misrepresentations to the market concerning the Company's financial performance.

The Complaint alleges that throughout the Class Period defendants issued financial information about the Company, including information contained in certain of its Annual Reports to the U.S. Securities and Exchange Commission on Form 20-F, which was false and misleading because, among other things, the Company's financial information was systematically falsified, its cash amounts ``inflated'' by material amounts, and its assets purely ``fictitious.''

On January 7, 2009, the Company's Chairman, B. Ramalinga Raju, sent a letter to the Satyam Board of Directors and the Securities & Exchange Board of India acknowledging a multi-year fraud in which Satyam's financial accounts and disclosures were systematically falsified, its profits were overstated for the past several years, the debt owed to the Company was overstated and its liability understated. Further, B. Ramalinga Raju admitted to inflating the cash on the Company's balance sheet by nearly $1 billion, to overstating Satyam's September 2008 quarterly revenues, and that $1.04 billion in cash and bank loans the Company listed in assets for the second quarter ended in September 2008 were nonexistent.

On January 7, 2009, DSP Merrill Lynch Limited, which had been previously retained by Satyam to assist a review of the Company's strategic options, terminated its engagement with Satyam, prompted by the disclosure of ``material accounting irregularities.''

Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.

If you are a member of the Class described above, you may move the Court, not later than March 9, 2009, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, or Richard A. Maniskas, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.

          Glancy Binkow & Goldberg LLP, Los Angeles, CA
          Lionel Z. Glancy
          Michael Goldberg
          Richard A. Maniskas
          (310) 201-9150
          (888) 773-9224
          info@glancylaw.com
          www.glancylaw.com