SOURCE: Izard Nobel LLP

November 25, 2008 13:07 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Taleo Corporation

HARTFORD, CT--(Marketwire - November 25, 2008) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of those who purchased the common stock of Taleo Corporation ("Taleo" or the "Company") (NASDAQ: TLEO) between October 4, 2005 and November 10, 2008, inclusive (the "Class Period").

The Complaint charges that Taleo and certain of its officers and directors violated federal securities laws by issuing materially false and misleading statements and 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. On November 11, 2008, Taleo announced that it would delay third quarter earnings reports to review its accounting practices. On this news, the price of Taleo common stock dropped $3.06, or 28 percent, to $7.99.

If you are a member of the class, you may, no later than January 16, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/taleo/, or contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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