December 19, 2008 - The plaintiff filed a notice of voluntary dismissal without prejudice.
November 14, 2008 - An investor in shares of Taleo Corporation (NASDAQ: TLEO) filed a lawsuit in the U.S. District Court for the Northern District of California on behalf of investors of Taleo Corporation (NASDAQ: TLEO) securities between October 4, 2005 and November 10, 2008 against Taleo Corporation (NASDAQ: TLEO) and officers and directors of Taleo Corporation.

According to the complaint the plaintiff alleged that the defendants misled or failed to inform the investing public regarding the Taleo Corporation’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 Taleo Corporation’s initial public offering in October 2005 and as a result of this acceleration of revenues, Taleo Corporation was able to present to investors a ‘rosier picture’ of its financial condition than the appropriate revenue figures would have depicted, so the lawsuit, and when the truth was revealed to the market, the price of Taleo Corporation common stock dropped $3.06, or 28 percent, to $7.99.