SOURCE: Milberg LLP

December 16, 2008 14:58 ET

Update: Milberg LLP Announces Its Investigation on Behalf of Certain Investors of Taleo Corporation -- TLEO

NEW YORK, NY--(Marketwire - December 16, 2008) - The law firm of Milberg LLP is investigating possible illegal conduct as alleged in a proposed class action lawsuit filed in the United States District Court for the Northern District of California on behalf of all investors who purchased Taleo Corporation ("Taleo" or the "Company") (NASDAQ: TLEO) common stock between October 4, 2005, and November 10, 2008, inclusive (the "Class Period").

The lawsuit charges Taleo and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Taleo Corporation provides talent management software solutions worldwide

According to the complaint, defendants allegedly 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 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. Following this disclosure, the price of Taleo common stock dropped $3.22, or 29 percent, to $7.83, the closing price on November 11, 2008.

If you purchased the common stock of Taleo from October 4, 2005, through November 10, 2008, you may move the court no later than January 16, 2009, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. You may retain Milberg LLP, or other attorneys, to serve as your counsel in this action.

Milberg LLP has been representing individual and institutional investors for nearly 40 years and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website (http://www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:

Contact Information

  • Lori G. Feldman
    Andrei Rado
    Peter Safirstein
    Milberg LLP
    One Pennsylvania Plaza, 49th Fl.
    New York, NY 10119-0165
    Phone number: (800) 320-5081
    Email: contactus@milberg.com

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