SOURCE: Bronstein, Gewirtz & Grossman, LLC

November 26, 2008 12:01 ET

Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Taleo Corporation

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.

Contact Information

  • Contacts:
    Peretz Bronstein or Eitan Kimelman
    Bronstein, Gewirtz & Grossman, LLC
    212-697-6484
    Email Contact