Company: Kenexa Corporation
Ticker Symbol: KNXA
Class Period: May-8-07 to Nov-7-07
Date Filed: Jun-15-09
Lead Plaintiff Deadline: Aug-14-09
Court: Eastern District of Pennsylvania
An investor in Kenexa Corporation (Kenexa) has filed a proposed securities class action lawsuit in the United States District Court for the Eastern District of Pennsylvania on behalf of those who purchased the common stock of Kenexa between May 8, 2007 and November 7, 2007, against Kenexa and others over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff alleges that Kenexa and certain of its officers and directors violated federal securities laws by issuing material misrepresentations to the market concerning Kenexa’s business, prospects and financial condition, thereby artificially inflating the price of Kenexa securities.
Then on November 7, 2007, Kenexa issued a press release announcing its financial results for the third quarter of 2007, the period ended September 30, 2007.
Following the earnings release, defendants held a conference call to discuss the Company’s earnings and operations. In response to the earnings announcement and the statements made during the conference call, the price of Kenexa stock dropped from $27.84 per share to $16.61 per share, or 40%, on extremely heavy trading volume.
Kenexa Corporation, located in Wayne, PA, provides software, content and services that enable organizations to effectively recruit and retain employees. Kenexa’s solutions are built around a suite of software applications that automate talent acquisition and employee performance management practices. Kenexa Corp reported $181.93 million in total revenue with a new income of $23.55 million in 2007 and $203.73 million in total revenue in 2008. Kenexa shares closed at $13.39 per share on Friday, June 12, 2009, down from a 52 week High of $24.01 per share and down from $38.72 per share in 2007.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Kenexa Corporation KNXA Securities Fraud Legal Help
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