Contact Information: Contact: Lewis Kahn Kahn Gauthier Swick, LLC 1-866-467-1400, ext. 100 Lewis.kahn@kgscounsel.com
INVESTOR ALERT: KGS Notifies TALEO Corporation Purchasers With Losses Greater Than $200,000 of Lead Plaintiff Application Deadline in Securities Class Action Lawsuit -- TLEO
| Source: Kahn Gauthier Swick, LLC
NEW ORLEANS, LA--(Marketwire - November 20, 2008) - Kahn Gauthier Swick, LLC ("KGS") announces
that a securities class action lawsuit was filed in the United States
District Court for the Northern District of California, on behalf of
purchasers of the securities and common stock of Taleo Corporation,
("Taleo") (NASDAQ : TLEO ) during the period between October 4, 2005 and
November 10, 2008, inclusive (the "Class Period"). No class has yet been
certified in this action.
If you would like to discuss your legal rights, you may email or call KGS
Managing Partner Lewis Kahn, without obligation or cost to you, toll free
1-866-467-1400, ext. 100, via cell phone after hours at 504-301-7900, or by
email at lewis.kahn@kgscounsel.com.
Taleo and certain of its officers are charged with violating the Securities
Exchange Act of 1934, for issuing a series of materially false statements
that concealed and failed to disclose the true financial and operational
condition of the Company and the efficacy of the Company's controls and
procedures. Specifically, the complaint charges that 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") -- the effect of which was to
improperly accelerate the recognition of revenues.
Investors only learned the truth about the Company on or about November 10,
2008, when Taleo reported results well below expectations and revealed that
it had employed improper revenue recognition procedures. As a result of
this belated disclosure, shares of Taleo common stock fell almost 30% --
over $3.00 per share -- in the single trading-day.
If you wish to serve as lead plaintiff in this class action lawsuit, you
must move the Court no later than January 16, 2009. Any member of the
putative class may move the Court to serve as lead plaintiff through
counsel of their choice, or may choose to do nothing and remain an absent
class member. If you would like to discuss your legal rights, you may email
or call KGS Managing Partner Lewis Kahn, without obligation or cost to you,
toll free 1-866-467-1400, ext. 100, after hours via cell phone
504-301-7900, or by email at lewis.kahn@kgscounsel.com. To learn more about
KGS, you may visit www.kgscounsel.com. KGS is a law firm focused on
securities class action litigation with offices in New Orleans and New York
City.
KGS' lawyers have significant experience litigating complex securities
class actions. Among other cases, KGS has been appointed Lead or Co-Lead
Counsel in the following securities cases: In re U.S. Auto Parts Networks,
Inc. Securities Litigation, C.D. Cal.; In re Optionable, Inc. Securities
Litigation, S.D.N.Y.; In re Xethanol Corporation Securities Litigation,
S.D.N.Y.; Pixelplus Co. Ltd., S.D.N.Y.; In re Witness Systems Inc.
Securities Litigation, N.D. Ga.; Whitney Information Network, M.D. Fla.;
Pegasus Wireless Corp., S.D. Fla.; In re Xinhua Finance Media, Ltd.
Securities Litigation, S.D.N.Y.; Terayon Comm. Systems Inc., N.D. Cal.; and
In re BigBand Networks, Inc. Securities Litigation, N.D. Cal.
SPECIAL NOTICE: KGS encourages you to carefully evaluate any firm you may
consider to represent your interests in the Taleo class action. The Private
Securities Litigation Reform Act ("PSLRA") permits Taleo shareholders to
choose counsel of their choice to prosecute this action. Critical
components of a law firm's ability to successfully prosecute this action
and obtain a strong recovery for you include the resources it will dedicate
to prosecution of the case, including the number of lawyers the firm has
available for the Taleo action in particular, AND especially the quality of
the firm's work. Interested shareholders are encouraged to call for
consultation and to request more information about KGS. While KGS has not
filed suit yet, the firm is currently conducting its own investigation of
Taleo and invites shareholders to evaluate its complaint when choosing
counsel.