US stocks extended losses on Thursday after Wal-Mart Stores Inc posted disappointing December sales and cut its fourth-quarter profit outlook, compounding investors’ concerns about the worsening recession.
A US law firm has filed class action law suit against Satyam Computer Services Ltd. in a New York court on behalf of those who purchased the Indian company’s American Depository Receipts over the last five years.
US stocks suffered their worst decline in more than a month on Wednesday after a grim private-sector jobs report coupled with a revenue warning from top chip maker Intel Corp revived deep concerns about the economy.
It was like a bolt from the blue for the staff of Satyam Computer Services as the news of Chairman B Ramalinga Raju’s resignation for faking numbers broke out. Not that the staff were not expecting something unusual after the .6- billion Satyam-Maytas deal got aborted.
The Andhra Pradesh government Wednesday ordered a preliminary inquiry by the crime branch of the police into a financial fraud by IT major Satyam Computers.