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Bronstein, Gewirtz & Grossman, LLC Announces Investigation Of Sify Technologies Ltd


Monday, 10 Sep 2012 09:01am EDT 

Sify Technologies Ltd announced that Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Sify Technologies Limited., 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 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 November 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. 

Company Quote

1.97
-0.05 -2.48%
15 Apr 2014