The lawsuit is for purchasers of the common stock of Kenexa Corporation (NASDAQ: KNXA) between May 8, 2007 and November 7, 2007.
The lawsuit alleges that Kenexa and certain of its officers and directors violated federal securities laws. Specifically, the lawsuit states that the defendants failed to disclose the following adverse facts: (i) that sales cycles for the Company's Employment Process Outsourcing ("EPO") and assessments lines of business were lengthening, causing sales to be pushed out and revenue growth to slow; (ii) that Kenexa was experiencing problems with its international sales and would need to overhaul that sales force; (iii) that the Company was experiencing problems with a significant EPO client such that the client was requesting to be released from its contract with the Company; and (iv) that based on that knowledge, defendants lacked a reasonable basis for their positive statements about the Company, its earnings, operations and prospects.
On November 7, 2007, Kenexa issued a press release announcing its financial results for the third quarter of 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.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you purchased common stock in Kenexa Corporation (NASDAQ: KNXA) between May 8, 2007 and November 7, 2007 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Case Summary
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
Terms:
correct statements.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.
