BENSALEM, Pa., Nov. 23 /PRNewswire/ -- Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for Northern District of California against Taleo Corporation ("Taleo" or the "Company") on behalf of all persons who purchased or otherwise acquired the Company's common stock between October 4, 2005 and November 10, 2008. The complaint alleges that the Company and certain of its executive officers violated federal securities laws. Specifically, the complaint alleges that certain public statements made by the Company during that period were materially false and misleading because, among other things, Taleo had been improperly recognizing revenue in violation of Generally Accepted Accounting Principles since the Company's initial public offering.
On November 10, 2008 the Company announced that it would be delaying the filing of its Quarterly Report with the Securities and Exchange Commission on Form 10-Q and revealed that the Company's auditor had requested that the Company reassess its practices with respect to the timing for recognition of application and consulting revenues. On this news, Taleo's stock declined by $3.22 per share, or 29.14%, to close on November 11, 2008 at $7.83 per share, on unusually heavy volume.
If you are a member of the class described above, you may move the Court, no later than January 16, 2009 to serve as lead plaintiff, however, you must meet certain legal requirements. If you purchased Taleo's common stock between October 4, 2005 and November 10, 2008 or if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to
