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(A) Bond Plaintiffs' Motion
Case 1:08-cv-09522-SHS Document 160 Filed 06/07/13 Page 1 of 89 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK IN RE CITIGROUP INC. BOND LITIGATION Master File No. 08 Civ. 9522 (SHS) ECF Case DECLARATION OF STEVEN B. SINGER IN SUPPORT OF: (I) BOND PLAINTIFFS’ MOTION FOR FINAL APPROVAL OF CLASS ACTION SETTLEMENT AND PLAN OF ALLOCATION, AND (II) BOND COUNSEL’S MOTION FOR AN AWARD OF ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES Case 1:08-cv-09522-SHS Document 160 Filed 06/07/13 Page 2 of 89 TABLE OF CONTENTS I. INTRODUCTION .............................................................................................................. 1 II. PROSECUTION OF THE ACTION .................................................................................. 4 A. Bond Counsel’s Efforts to Identify and Preserve the Claims of Investors in Citigroup’s Bonds and Preferred Stock .................................................................. 4 B. Preparation of the Consolidated Amended Class Action Complaint, and Summary of the Claims Asserted ........................................................................... 6 C. The Citigroup Defendants’ and the Underwriter Defendants’ Extensive Motions to Dismiss ............................................................................................... 12 D. The Court’s Opinions Largely Denying Defendants’ Motions to Dismiss, and Denying Defendants’ Motion for Reconsideration ........................................ 15 E. Bond Plaintiffs Conduct Extensive Discovery and Motion Practice -
India's Satyam Scandal
Review of Business and Finance Studies Vol. 6, No. 2, 2015, pp. 35-43 ISSN: 2150-3338 (print) ISSN: 2156-8081 (online) www.theIBFR.com INDIA’S SATYAM SCANDAL: EVIDENCE THE TOO LARGE TO INDICT MINDSET OF ACCOUNTING REGULATORS IS A GLOBAL PHENOMENON Kalpana Pai, Texas Wesleyan University Thomas D. Tolleson, Texas Wesleyan University ABSTRACT This paper examines the capture of government regulators using the case of Satyam Computer Services Ltd., one of India’s largest software and services companies, which disclosed a $1.47 billion fraud on its balance sheet on January 7, 2009. The firm, which traded on the New York and Bombay Stock Exchanges, was required to file financial reports with the SEC. Price Waterhouse of India, the local member of PricewaterhouseCoopers (PWC), served as its auditor. After news of the scandal hit the airwaves, Price Waterhouse of India issued a press release and stated that its audit was conducted in accordance with applicable auditing standards and was supported by sufficient audit evidence. Because Satyam shares were quoted on Wall Street, SEC rules prohibited auditors from having business relations with their clients. U.S. regulators failed to take action against PWC. Is this lack of enforcement related to PWC’s size and the impact that the failure of a Big 4 firm would have on the global financial marketplace? We question whether government regulators have been captured by the key market players in the auditing services market. One outcome of this “capture” is moral hazard, which implies that the Big 4 accounting firms, or their local affiliates, may place less emphasis on quality audits. -
Zerohack Zer0pwn Youranonnews Yevgeniy Anikin Yes Men
Zerohack Zer0Pwn YourAnonNews Yevgeniy Anikin Yes Men YamaTough Xtreme x-Leader xenu xen0nymous www.oem.com.mx www.nytimes.com/pages/world/asia/index.html www.informador.com.mx www.futuregov.asia www.cronica.com.mx www.asiapacificsecuritymagazine.com Worm Wolfy Withdrawal* WillyFoReal Wikileaks IRC 88.80.16.13/9999 IRC Channel WikiLeaks WiiSpellWhy whitekidney Wells Fargo weed WallRoad w0rmware Vulnerability Vladislav Khorokhorin Visa Inc. Virus Virgin Islands "Viewpointe Archive Services, LLC" Versability Verizon Venezuela Vegas Vatican City USB US Trust US Bankcorp Uruguay Uran0n unusedcrayon United Kingdom UnicormCr3w unfittoprint unelected.org UndisclosedAnon Ukraine UGNazi ua_musti_1905 U.S. Bankcorp TYLER Turkey trosec113 Trojan Horse Trojan Trivette TriCk Tribalzer0 Transnistria transaction Traitor traffic court Tradecraft Trade Secrets "Total System Services, Inc." Topiary Top Secret Tom Stracener TibitXimer Thumb Drive Thomson Reuters TheWikiBoat thepeoplescause the_infecti0n The Unknowns The UnderTaker The Syrian electronic army The Jokerhack Thailand ThaCosmo th3j35t3r testeux1 TEST Telecomix TehWongZ Teddy Bigglesworth TeaMp0isoN TeamHav0k Team Ghost Shell Team Digi7al tdl4 taxes TARP tango down Tampa Tammy Shapiro Taiwan Tabu T0x1c t0wN T.A.R.P. Syrian Electronic Army syndiv Symantec Corporation Switzerland Swingers Club SWIFT Sweden Swan SwaggSec Swagg Security "SunGard Data Systems, Inc." Stuxnet Stringer Streamroller Stole* Sterlok SteelAnne st0rm SQLi Spyware Spying Spydevilz Spy Camera Sposed Spook Spoofing Splendide -
Stock Market Participation in the Aftermath of an Accounting Scandal
Stock market participation in the aftermath of an accounting scandal Renuka Sane∗ National Institute of Public Finance and Policy June 2017 Abstract In this paper we study the impact on investor behaviour of fraud revelation. We ask if investors with direct exposure to stock market fraud (treated investors) are more likely to decrease their participation in the stock market than investors with no direct exposure to fraud (control investors)? Using daily investor account holdings data from the National Stock Depository Limited (NSDL), the largest depository in India, we find that treated investors cash out almost 10.6 percentage points of their overall portfolio relative to control investors post the crisis. The cashing out is largely restricted to the bad stock. Over the period of a month, there is no difference in the trading behaviour of the treated and control investors. These results are contrary to those found in mature economies. ∗I thank Jayesh Mehta, Tarun Ramadorai, Ajay Shah, K. V. Subramaniam, Susan Thomas, Harsh Vardhan, participants of the IGIDR Emerging Markets Conference, 2016, NSE-NYU conference, 2016, for useful comments. Anurag Dutt provided excellent research assistance. I thank the NSE-NYU initiative on financial markets for funding support, and Finance Research Group, IGIDR for access to data. 1 Contents 1 Introduction 3 2 Data 5 2.1 Sample . .7 3 Research design 8 3.1 The Satyam fraud . .8 3.2 The matching framework . 11 3.3 Main outcome of interest . 13 3.4 Difference-in-difference . 16 4 Results 16 4.1 Effect on cashing out of portfolio . 16 4.2 Effect on cashing out Satyam . -
Case 1:09-Md-02027-BSJ Document 253 Filed 02/17/11 Page 1 of 163
Case 1:09-md-02027-BSJ Document 253 Filed 02/17/11 Page 1 of 163 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK In re: 09 MD 2027 (BSJ) (Consolidated Action) SATYAM COMPUTER SERVICES LTD. SECURITIES LITIGATION JURY TRIAL DEMANDED This Document A..lies to: All Cases FIRST AMENDED CONSOLIDATED CLASS ACTION COMPLAINT BERNSTEIN LITOWITZ BERGER & GRANT & EISENHOFER P.A ^° ? GROSSMANN,LLP Jay W. Eisenhofer Max W. Berg er Keith M. Fleischman °D• rq Steven B. Singer Mary S. Thomas Bruce Bernstein Deborah A. Elman 1285 Avenue of the Americas, 38th Floor Ananda Chaudhuri New York, NY 10019 485 Lexington Ave., 29th Floor Tel: (212) 554-1400 New York, New York 10017 Fax: (212) 554-1444 Tel: (646) 722-8500 Fax: (646) 722-8501 Co-Lead Counsel for Plaintiffs Co-Lead Counsel for Plaintiffs BARROWAY TOPAZ KESSLER LABATON SUCHAROW LLP MELTZER & CHECK, LLP Joel H. Bernstein David Kessler Louis Gottlieb Sean M. Handler Michael H. Rogers Sharan Nirmul Felicia Y. Mann Christopher L. Nelson 140 Broadway Neena Verma New York, NY 10005 Joshua E. D'Ancona Tel: (212) 907-0700 280 King of Prussia Road Fax: (212) 818-0477 Radnor, PA 19087 Tel: (610) 667-7706 Co-Lead Counsel for Plaintiffs Fax: (610) 667-7056 Co-Lead Counsel for Plaintiffs i' Case 1:09-md-02027-BSJ Document 253 Filed 02/17/11 Page 2 of 163 TABLE OF CONTENTS Page I. SUMMARY OF THE ACTION 2 II. JURISDICTION & VENUE 7 III. PARTIES AND RELEVANT NON-PARTIES 8 A. Lead Plaintiffs 8 B. Additional Named Plaintiffs 9 C. -
Saji Vettiyil, Et Al. V. Satyam Computer Services Ltd., Et Al. 09-CV-00117
1 Nicole Lavallee (SBN 165755) Email: [email protected] 2 Lesley Ann Hale (SBN 237726) 3 Email:[email protected] BERMAN DeVALERIO 4 425 California Street Suite 2100 5 San Francisco, CA 94104 Telephone: (415) 433-3200 6 Facsimile: (415) 433-6382 7 Christopher J. Keller Alan I. Ellman 8 Stefanie J. Sundel LABATON SUCHAROW LLP 9 140 Broadway New York, New York 10005 10 Telephone: (212) 907-0700 Facsimile: (212) 818-0477 11 Email: [email protected] 12 Attorneys for Mineworkers’ Pension Scheme and Proposed Lead Counsel for the Class 13 UNITED STATES DISTRICT COURT 14 NORTHERN DISTRICT OF CALIFORNIA SAN JOSE DIVISION 15 16 SAJI VETTIYIL, Individually and on Behalf ) 17 of All Others Similarly Situated, ) )Civil Action No.: C-09-00117 RS 18 Plaintiff, ) )Mag. Judge Richard Seeborg 19 vs. ) ) 20 SATYAM COMPUTER SERVICES, LTD., )Hearing B. RAMALINGA RAJU, B. RAMA RAJU, ) Date: April 22, 2009 21 SRINIVAS VADLAMANI, PRICE ) WATERHOUSE, ) Time: 9:30 A.M. 22 PRICEWATERHOUSECOOPERS ) Courtroom:4 INTERNATIONAL, LTD., ) 23 Defendants. ) 24 ) 25 NOTICE OF FILING MINEWORKERS’ PENSION SCHEME’ MEMORANDUM 26 OF LAW IN FURTHER SUPPORT OF ITS MOTION FOR CONSOLIDATION APPOINTMENT AS LEAD PLAINTIFF, AND APPROVAL OF SELECTION OF 27 LEAD COUNSEL, AND IN OPPOSITION TO THE COMPETING MOTIONS 28 [C-09-00117 RS] NOTICE OF FILING MINEWORKERS’ PENSION SCHEME’ MEMORANDUM OF LAW IN FURTHER SUPPORT OF ITS MOTION FOR CONSOLIDATION APPOINTMENT AS LEAD PLAINTIFF, AND APPROVAL OF SELECTION OF LEAD COUNSEL, AND IN OPPOSITION TO THE COMPETING MOTIONS 1 Mineworkers’ Pension Scheme (“Mineworkers’ Pension”) hereby informs the Court, all 2 parties, and their counsel of record that Mineworkers’ Pension filed on March 26, 2009 in the 3 action entitled Patel v. -
Report on Research Project of Financial Scams in India
REPORT ON RESEARCH PROJECT OF FINANCIAL SCAMS IN INDIA Submitted in partial fulfilment of the requirement of the Masters in Business Administration Programme Offered by Jain University during the year 2013-14 BY MOHAMMED MAAZ 3rd Semester MBA UNDER THE GUIDANCE OF PROF.SHRUTI AGARWAL # 319, 17th Cross, 25th Main, JP Nagar 6th Phase Bangalore – 560 078 Phone : 080-43430400, Fax : 080-26532730 E-mail : [email protected], Website : www.bschool.cms.ac.in Declaration I, hereby declare that this Lab Hours / Project (Research Project) on FINANCIAL SCAMS IN INDIA is prepared by me during the academic year 2014-15 under the guidance of prof. Shruti Agarwal. I also declare that this project which is the partial fulfillment of the requirement for MBA programme Offered by Jain University, it is the result of my own efforts with the help of experts. Name : MOHAMMED MAAZ Sem : 3rd Sec : “C” Reg.No : 13MBA63049 Date : Place : Signature ACKNOWLEDGEMENT It gives me immense pleasure in presenting the project report on Financial Scams in India Firstly, I take the opportunity in thanking almightily and my parents without whose continuous blessings, I would not have been able to complete this project. I would like to thank my project guide Prof. Shruti Agarwal for her great help, valuable opinions, advice and suggestions in fulfillment of this project. I am also grateful to Prof. Durga Praveena for encouraging me to select the project topic. I am thankful to our college for all the possible assistance and support, by making available the required books and the internet room which have proved useful to me in successfully completing my project. -
ISSN: 2395-5929] UGC Jr
Impact Factor.1.14: Mayas Publication [ISSN: 2395-5929] UGC Jr. No. : 45308: Paper ID: 13170813 AN URGENT NEED OF ETHICAL EDUCATION FOR ACCOUNTANTS AND AUDITORS IN INDIA Paper Recceived : 8th Aug 2017 Paper Accepted : 20th Aug 2017 Paper Published : 30th Aug 2017 Reviewers : Dr.Rambabu Gopisetti Dr.M.Mohamed Dr.M. RAMACHANDRA GOWDA Mrs.S.R. MADHAVI Professor and Coordinator-MFA & MTTM Research Scholar Department of Commerce Department of Commerce Bangalore University Bangalore University Bangalore. Bangalore. Abstract Auditors and Accountants in India to mitigate Corporate Scandals. For the purpose of study secondary data has Globalization leads to Social, political and been collected, processed and presented in the form of technological changes have challenged traditional idea of tables, figures and Interpreted accordingly.. professional practice by accountants and auditors. Ethics is a code or moral system provides criteria for evaluating Keywords— Ethics, Auditors, Accountants, Corporate right and wrong. Scams, Ethical Education. The high standard of ethical behavior is expected from I. INTRODUCTION Professional like Accountants and Auditors. From two In competitive corporate world accounting and decades lot of Corporate scams noticed in India Bofors Scam, Enron scandal, World Com scam, Tyco scandal, auditing profession is extremely important to be Telgi Scam, The Hawala Scandal, Harshad Mehta &Ketan ethical in their practices due to the very nature of Parekh Stock Market Scam, Health south scandal, Freddie their profession. The Professionals should maintain Mac scandal, American International Group scandal confidence of clients and ethical conduct. Ensuring (AIG), Lehman brothers scandal, Bernie Madoff scandal, highest ethical standards is important to a public Satyam scandal, 2G Spectrum Scam, the UTI scam, C.R. -
The Growth of Sebi
THE GROWTH OF SEBI - FROM HARSHAD MEHTA TO SUBRATA ROY By Simran Chandok410 INTRODUCTION The Securities Exchange Board of India popularly known as SEBI is in its 27th year of existence. However, the original architects of SEBI would not recognize what it has become today. From a mere regulatory authority to a statutory authority; from a silent spectator to the market watchdogs; SEBI has come a long way since its inception. SEBI came into existence on 12th April, 1988. It replaced the Controller of Capital Issues Department of the Government. In 1988, SEBI had limited powers with a negligible jurisdiction. In 1992, the SEBI Act bestowed a plethora of responsibilities on the body and gave it a statutory status. Thus after 1992, SEBI was known as a statutory authority and its jurisdiction extended to the whole country except the erstwhile princely states of Jammu & Kashmir. The SEBI Board is headed by a Chairman (nominated by the Union Government of India). The Board consists of 2 Officers from the Union Finance Ministry serving as whole time members, 1 member from the Reserve Bank of India (RBI) and 5 members nominated by the RBI (at least 3 out of 5 RBI nominated members must be whole time members). Currently, U.K. Sinha is the Chairman of the SEBI Board. Since its inception, SEBI has grown steadfastly. Its gradual growth can be analyzed through 3 scams- Harshad Mehta Securities Fraud, Satyam Scandal and Sahara Scam. DEVELOPMENT OF SEBI THROUGH THE 3 DECADES Harshad Mehta Securities Fraud (1988-1995) 410 2nd Year BBA LLB (Hons.), Symbiosis Law School, Pune International Journal For Legal Developments & Allied Issues Volume 1 Issue 2 [ISSN 2454-1273] 205 In 1988, SEBI had limited powers. -
Who's Running the Company?
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized ©Copyright 2012. All rights reserved. International Finance Corporation 2121 Pennsylvania Avenue, NW, Washington, DC 20433 The findings, interpretations and conclusions expressed in this publication should not be attributed in any manner to the International Finance Corporation, to its affiliated organizations, or to members of its board of Executive Directors or the countries they represent. The International Finance Corporation does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The material in this work is protected by copyright. Copying and/or transmitting portions or all of this work may be a violation of applicable law. The International Finance Corporation encourages dissemination of its work and hereby grants permission to users of this work to copy portions for their personal, noncommercial use, without any right to resell, redistribute or create derivative works there from. Any other copying or use of this work requires the express written permission of the International Finance Corporation. For permission to photocopy or reprint, please send a request with complete information to: The International Finance Corporation c/o the World Bank Permissions Desk Office of the Publisher 1818 H Street, NW Washington, DC 20433 All queries on rights and licenses, including subsidiary rights, should be addressed to: The International Finance Corporation c/o the Office of the Publisher World Bank 1818 H Street, NW Washington, DC 20433 Fax: (202) 522-2422 Who’s Running the Company? A guide to reporting on corporate governance Global Corporate Governance Forum and the International Center for Journalists FOREWORD To report professionally, business journalists today independent information beyond what companies provide need a solid understanding of how modern companies to be effective in rectifying wrongdoing. -
172 Satyam Scam: Lessons for Corporate Governance
IJRESS Volume 2, Issue 12(December 2012) (ISSN 2249-7382) Satyam scam: Lessons for Corporate Governance * Dr Vijay prakash **Monika Srivastava ABSTRACT The Satyam scandal dubbed as India’s Enron is one of the largest accounting frauds in the country’s corporate history. B.Ramalinga Raju, founder and chairman of Satyam Computer Services Ltd., the fourth leading IT services firm, declared on January 7, 2009 that his company had been faking its accounts for years, exaggerating revenues and overstating profits by $1billion. This article examines the Satyam scandal and explains what happened, why and who is to blame. Satyam’s emergence from a local to a global traded conglomerate is traced, followed by the events in the aftermath of the scandal. The paper concludes with the proposed regulatory prescriptions encapsulated by the new code created by India’s Ministry of Corporate Affairs, with suggestions proposed by the Parliamentary Standing Committee. These prescriptions are likely to be introduced in the impending Budget session of Parliament .They relate to the functioning of independent directors, enhanced pace of disclosures, conduct of audit and improved transparency in governance mechanisms. Keywords: Corporate Governance, Satyam Computer Services Ltd., Price Waterhouse, scandal Introduction By Ramalinga Raju , founder and chairman of Satyam Computer Services Ltd., saying publicly on January 7 2009, that his firm had been misrepresenting revenues and overstating profits by $1billion,is a case of corporate mis-governance and accounting malpractice. Specifically, Ramalinga Raju(Raju) admitted that Satyam’s balance sheet included .7,136 crore(almost $1.5billion) in non-existent cash and bank balances, accumulated interest and misstatements. -
28Th EBES CONFERENCE - COVENTRY
28th EBES CONFERENCE - COVENTRY PROGRAM AND ABSTRACT BOOK MAY 29-31, 2019 COVENTRY, UNITED KINGDOM Hosted by The Centre for Financial and Corporate Integrity (CFCI) Coventry University In collaboration with Coventry Business School Trading Floor [email protected] www.ebesweb.org Copyright © EBES Publications 28th EBES Conference - Coventry Program and Abstract Book ISBN: 978-605-67622-7-7 Publisher: EBES Istanbul - Turkey May 2019 28th EBES Conference – Coventry Program and Abstract Book (ISBN: 978-605-67622-7-7) EBES Publications / EBES Yayınları Mailing Address / Yönetim Yeri Adresi: Akşemsettin Mah. Kocasinan Cad. Erenoğlu İş Merkezi No:8/4 34080 Fatih - İstanbul, Türkiye Publisher / Baskı: EBES Akşemsettin Mah. Kocasinan Cad. Erenoğlu İş Merkezi No:8/4 34080 Fatih - İstanbul, Türkiye Tel: 0212 2205451 Fax: 0212 2205452 Publication Type / Yayın Türü: Conference Book / Konferans Kitabı Types of Material / Materyal Türü: Electronic Book / Elektronik Kitap Istanbul - Turkey / İstanbul - Türkiye May 2019 / Mayıs 2019 Contents Contents …………………………………………………………………………………….i About EBES ………………………………………………………………………………..ii Executive Board & Officers …………………………………………………………….iii Advisory Board …………………………………………………………………………..iv Welcome - from the Conference Coordinator ……………………………………….v Scientific Committee ………………………………………………………………….…vi Keynote Speakers …………………………………………………………………….…vii Publication Opportunities ………………………………………………………….…..ix General Information ………………………………………………………………….......x Conference Program - Day 1 ………………………………………………………....1-5 Conference