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Kenexa Corporation (NASDAQ: KNXA) Investor Securities Class Action Lawsuit 06/11/2009

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Lawsuit Overview

Case Dismissed
Company
Kenexa Corporation
Security
NASDAQ: KNXA

Case Name
Kenexa Shareholder Class Action Lawsuit 06/11/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Pennsylvania

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 27, 2010 - The court granted defendants' motion to dismiss.
December 14, 2009 - Defendants filed a motion to dismiss.

October 26, 2009 - The lead plaintiff filed an amended complaint.

September 11, 2009 - Lead plaintiff and lead counsel were appointed.

August 10, 2009 - Lead plaintiff motion was filed.

July 16, 2009 - Another investor filed a complaint.

June 11, 2009 - An investor in shares of Kenexa Corporation (NASDAQ: KNXA) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania against Kenexa Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 8, 2007 and November 7, 2007.

According to the complaint the plaintiff alleges that Kenexa Corporation and certain of its officers and directors violated federal securities laws by issuing material misrepresentations to the market concerning Kenexa Corporation’s business, prospects and financial condition, thereby artificially inflating the price of Kenexa Corporation securities. Then on November 7, 2007, Kenexa Corporation 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 Kenexa Corporation’s earnings and operations. In response to the earnings announcement and the statements made during the conference call, the price of Kenexa Corporation stock dropped from $27.84 per share to $16.61 per share, or 40%, on extremely heavy trading volume.

Kenexa Corporation 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 Corporation shares (NASDAQ: KNXA) 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.

Kenexa Corporation, located in Wayne, PA, provides software, content and services that enable organizations to effectively recruit and retain employees. Kenexa Corporation’s solutions are built around a suite of software applications that automate talent acquisition and employee performance management practices.