Case Page


Case Status:    DISMISSED    
On or around 03/15/2010 (Other)

Filing Date: November 14, 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.

On December 19, 2008, a notice of voluntary dismissal was filed by the plaintiff dismissing the defendants from this action.

A related action continues under Docket 09-CV-00151. On February 9, 2009, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 15. Defendants filed a Motion to Dismiss the amended Complaint on July 31.

On February 17, 2010, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend. Plaintiffs did not file an amended Complaint, and on March 15, the Court issued an Order dismissing the case.


Sector: Technology
Industry: Software & Programming
Headquarters: United States


Ticker Symbol: TLEO
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data

"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 08-CV-05182
JUDGE: Hon. Samuel Conti
DATE FILED: 11/14/2008
CLASS PERIOD END: 11/10/2008
  1. Johnson & Perkinson
    1690 Williston Road, Johnson & Perkinson, VT 05403
    802.862.0030 802.862.0060 ·
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 09-CV-00151
JUDGE: Hon. Samuel Conti
DATE FILED: 06/15/2009
CLASS PERIOD END: 11/12/2008
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 ·
  2. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 ·
No Document Title Filing Date
No Document Title Filing Date