NEW YORK, Nov. 21, 2008 (GLOBE NEWSWIRE) -- Attorney Advertising. The law firm of Bull & Lifshitz, LLP is investigating possible illegal conduct as alleged in a proposed class action lawsuit filed in the United States District Court for the Northern District of California against Taleo Corporation (Nasdaq:TLEO) ("Taleo" or "Company") and certain of Taleo's officers and directors for violations of the Securities Exchange Act of 1934. The lawsuit is brought on behalf of all purchasers of Taleo securities from October 4, 2005 through November 10, 2008 (the "Class Period").
Taleo is a Delaware corporation with its principal executive offices located in Dublin, California. Taleo describes itself as the leader in on demand unified talent management solutions that empower organizations of all sizes to assess, acquire, develop, and align their workforces for improved business performance.
According to the class action complaint, during the Class Period, defendants misled or failed to inform the investing public regarding the Company's historical and current accounting practices with respect to the timing for recognition of application and consulting revenues under generally accepted accounting principles in the United States ("GAAP"). These policies, which reflected an inappropriate application of GAAP designed to accelerate the recognition of revenues, had been part of a scheme to defraud investors since the Company's initial public offering in October 2005. As a result of this acceleration of revenues, Taleo was able to present to investors a rosier picture of its financial condition than the appropriate revenue figures would have depicted. When the truth was revealed to the market, the price of Taleo common stock dropped $3.06, or 28 percent, to $7.99.
If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com. Please visit the Bull & Lifshitz, LLP website (http://www.nyclasslaw.com) for more information about the firm.
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