Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Sify Technologies Limited
NEW YORK, Sept. 10, 2012 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Sify Technologies Limited ("Sify" or the "Company") (Nasdaq: SIFY), concerning potential violations of federal securities laws.
On July 21, 2011, shares of Sify stock slumped 18%, after an inquiry from the Wall Street Journal discovered the company used gaps in Nasdaq's reporting requirements to get around disclosing its share count. Nasdaq updated Sify's American depositary shares of 53 million, with a market value of roughly $300 million to the real number of shares of 178 million. All of a sudden, Sify had a market cap of about $1 billion. Prior to this update, Sify last filed a complete set of financial statements for the fiscal year ended march 2010 with the U.S. Securities on Nov. 30, 2010. At this point Sify's share count was 53 million. But the prior fall, Sify shareholders approved the issuance of an additional 125 million shares to an investor group affiliated with the chief executive and his brother; at a 70% discount to the market price. At the time, the CEO and his brother owned 53% of Sify stock. In June that year, Sify said its auditor, KPMG, "declined to stand for re-election" for the fiscal year that ended in March.
If you are aware of any facts relating to this investigation, or purchased shares of Sify before July 21, 2011, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
[email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
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