Izard Nobel LLP Announces Class Action Lawsuit Against Camelot Information Systems, Inc.
(firmenpresse) - WEST HARTFORD, CT -- (Marketwire) -- 01/06/12 -- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the American Depositary Shares ("ADSs") of Camelot Information Systems, Inc. ("Camelot" or the "Company") (NYSE: CIS) between July 21, 2010 and August 17, 2011, (the "Class Period"), including those who acquired Camelot ADSs pursuant or traceable to the Company's false and misleading Registration Statements and Prospectuses issued in connection with its July 21, 2010 initial public offering and December 10, 2010 Secondary Offering.
The Complaint alleges that Camelot and certain of its officers and directors violated the federal securities laws. Specifically, defendants concealed the following: (i) the Company's IT professionals were not a competitive advantage to the Company and many were dissatisfied with Camelot, which would adversely affect Camelot's ability to retain its customers; (ii) Camelot was suffering from undisclosed attrition of employees, which was having a negative impact on the Company's ability to attract new customers; (iii) Camelot did not have the large numbers of highly trained professionals at its disposal that it had represented; and (iv) Camelot's contract with its most important customer, IBM, was not as solid as represented, and would not be renewed on the same terms.
If you are a member of the class, you may, no later than March 5, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: , or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: . For more information about class action cases in general, please visit our website: .
CONTACT:
Nancy A. Kulesa
(800)797-5499
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Datum: 06.01.2012 - 22:04 Uhr
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News-ID 101840
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