NEW YORK, Jan. 26, 2012 (GLOBE NEWSWIRE) -- Newman Ferrara LLP (www.nfllp.com) announced today that a securities class action complaint has been filed on behalf of those purchasing American Depositary Shares of Camelot Information Systems Inc. ("Camelot or the Company") (NYSE:CIS) between the dates of July 21, 2010 and August 17, 2011, inclusive (the "Class Period") in the United States District Court for the Eastern District of New York.
No class has yet been certified in the above action. If you wish to serve as lead plaintiff, you must apply to be appointed no later than March 5, 2012. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages to serve as a lead plaintiff. If you would like to discuss this action, the lead plaintiff process, or have any questions concerning this notice, please contact plaintiff's counsel, Jeffrey M. Norton at (212) 619-5400 or by email at jnorton@nfllp.com.
Camelot and its subsidiaries provide enterprise application services and financial industry information technology services.
The Complaint specifically alleges that Camelot and certain Company executive officers and/or directors misrepresented or failed to disclose certain material adverse facts about the Company's business and financial condition. Complaints included that (1) Camelot's IT professionals were dissatisfied with Camelot, which adversely affected the Company's ability to retain many of its customers, (2) that Camelot was suffering from an undisclosed attrition of employees, which greatly impacted the Company's ability to find new customers, (3) that the Company misrepresented the number of highly trained IT employees it possessed, and (4) that Camelot's relationship with industry-leader IBM was actually on tentative terms, including termination of the business contract, contrary to what the Company disclosed.
With a varied legal practice based in New York City, Newman Ferrara attorneys specializes in complex commercial and multi-party litigation with an emphasis on securities, ERISA, consumer fraud, products liability, civil rights litigation and real estate. Newman Ferrara serves as lead counsel in numerous class actions and has recovered substantial sums for its clients.
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