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Case ID: 5223 | Stocks | 11/26/2008
According to a press release dated November 17, 2008, a class action lawsuit was filed naming Taleo Corporation, ("Taleo") (NASDAQ: TLEO) and officers and directors of Taleo as defendants.
Specifically, the Complaint alleges that defendants 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. When the truth was revealed to the market, the price of Taleo common stock dropped $3.06, or 28 percent, to $7.99.
Register your Taleo ComplaintIf you or someone you know has been affected by this case, you may qualify for a money settlement as the result of your financial/economic or other damages that may be awarded either prior to a lawsuit or after the initiation of a lawsuit either currently in progress or filed just for you, possibly a class action lawsuit. Please simply register your complaint by clicking here for Taleo, or click the red "submit" button on this page, and a lawyer will review your Taleo complaint. By submitting your complaint, you are asking lawyers to contact you. You are under no obligation to accept their services and you are free to choose which lawyer you want to work with. Lawyers are usually paid out of the proceeds of the settlement or verdict rendered - the lawyers work on "contingency" by fronting the costs of your lawsuit based on their belief that they will recover a settlement for you. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against content management software provider Stellent, Inc. (Nasdaq: STEL) and certain of its officers and directors by stockholders who purchased the company's common stock between October 2, 2001, and April 1, 2002. Several class actions have been filed against AOL Time Warner, Inc. and certain of its officers and directors by stockholders who purchased Purchase Pro, Inc., (Pink sheets: PROEQ) (now known as Pro-After, Inc.) common stock between March 20, 2000, and May 21, 2001. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. On June 23, 2008, the Court entered the Order consolidating two cases under case, 08 Civ. 3758. On July 7, 2008, the Court entered the Stipulation and Order appointing Kevin Cornwell and John M. Grady as co-lead plaintiffs for the class. Further, according to the Order, Cornwell's and Grady's selection of the law firms of Coughlin Stoia Geller Rudman & Robbins L.L.P. and Scott + Scott, L.L.P. to serve as Lead Counsel is approved. A class action has been filed against Oppenheimer Funds, Inc. (NYSE: OPY), it’s subsidiaries, and certain of its individual funds, officers and directors by stockholders who purchased the company’s common stock between August 31, 1999 and March 22, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company’s securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Enterasys Networks Inc. (NYSE: ETS) announced today that it has entered into an agreement in principle to settle shareholder litigation filed in 1997 against its predecessor, Cabletron Systems, Inc., and certain Cabletron directors and officers. The settlement, which is subject to execution of a final settlement agreement and subsequent court approval, is expected to be signed by the parties on or before January 25, 2005. According to a law firm press release, a class action has been commenced on behalf of all persons or entities who have tendered or are being asked to tender their shares of Falcon Strategies Two LLC, a fund affiliated with defendant Citigroup, Inc. (“Citigroup”) (NYSE:C), in connection with a tender and exchange offer (the “Tender Offer”), on the basis of a Confidential Tender and Exchange Offer Memorandum, dated May 8, 2008 (the “Tender Memorandum”), that contains materially misleading statements and omissions. The Complaint alleges claims under Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Delaware law.
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