Contact Information: Contacts: Peretz Bronstein or Eitan Kimelman Bronstein, Gewirtz & Grossman, LLC 212-697-6484
Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Taleo Corporation
| Source: Bronstein, Gewirtz & Grossman, LLC
NEW YORK, NY--(Marketwire - November 26, 2008) - Bronstein, Gewirtz & Grossman, LLC announces
that a class action lawsuit has been filed in the United States District
Court for the Northern District of California on behalf of those who
purchased the securities of Taleo Corporation ("Taleo" or the "Company")
(NASDAQ : TLEO ) between October 4, 2005 and November 10, 2008, inclusive
(the "Class Period").
The Complaint alleges that Taleo 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 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 been depicted. Then on November
11, 2009, Taleo announced that it would delay third quarter earnings report
to review its accounting practices. On this news, the price of Taleo
common stock dropped $3.06, or 28 percent, to $7.99.
No Class has yet been certified in the above action. If you wish to review
a copy of the Complaint, to discuss this action, or have any questions,
please contact either Peretz Bronstein or Eitan Kimelman of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com.
Those who inquire by e-mail are encouraged to include their mailing address
and telephone number. January 16, 2009 is the deadline for investors to
seek a lead plaintiff appointment.
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 work, private securities offerings,
and securities arbitration.