Satyam Computer (SAY) Chairman Resigns After Disclosing Massive Fraud
More News related to SAY
- Trading Outlook for Satyam Computer Services Ltd. Issued by StockPreacher.com
- Satyam (SAY) Surges Higher
- Unusual 11 Mid-Day Movers 6/16: VOXW, ALXA, STEC, EMKR Higher; MTXX, AHT, SURG, ANCI Lower
- Notable Analyst Rating Changes 6/10: YHOO, X, ZEUS, DB Upgraded; SINA, CRDN, FSLR, PLL Downgraded
- Morning Movers 6/10: JAZZ, CDIC, GRH, SHFL, AMRN Higher; SATC, MRNA, EFUT, NCS, SINA Lower
Satyam Computer Services Ltd. (NYSE: SAY) Co-Founder, Chairman B. Ramalinga Raju resigned today after admitting that he falsified earnings and assets.
A few weeks ago, Satyam made a failed attempt to merge the company with two entities controlled by his family. He claimed it was an attempt to plug 50.4 billion rupees of "fictitious" cash of the company's balance sheet.
He said profits have been inflated for "several years."
In this letter to the board, Raju said the fraud, "was like riding a tiger, not knowing how to get off without being eaten."
Shares of Satyam plunged in overseas trading on the news.
Link to Raju's Letter To the Board
Related Categories
Hot ListMergers and Acquisitions
Trader Talk
Stocks Mentioned
+0.14Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
Satyam
ahamed on Jan 8, 2009 06:54 AMSO WHAT ARE WE GOING TO DO TO RAJU? THERE IS ALWAYS SOME RAJU LURKING SOMEWHERE AND THEY SHOULD BE PUNISHED WHERE IT HURTS.