Archive
Suit Against Kenexa Seeking Class-Action Status
By Staff Report
Jun. 16, 2009
A lawsuit seeking class-action status has been filed against Kenexa Corp., a Wayne, Pennsylvania-based recruitment software and recruitment process outsourcing firm, alleging the company’s top officers misled investors and violated federal securities law between May 8, 2007, and November 7, 2007, according to a court filing.
The company said Friday, June 12, that the allegations are without merit and it will defend itself.
The complaint in the lawsuit cites positive comments made by the CEO and CFO regarding Kenexa during first- and second-quarter earnings releases on May 8, 2007 and August 8, 2007. However, the company missed its third-quarter revenue estimates.
And, on November 7, 2007, Kenexa reported it lost a customer in its recruitment process outsourcing division and cited longer sales cycles, according to the lawsuit. As a result, Kenexa’s shares fell to $16.61 from $27.84, the suit said.
The named plaintiff in the suit is the Plumbers and Pipefitters Local Union No. 630 Pension-Annuity Trust Fund.
Workforce Management’s online news feed is now available via Twitter.
About Workforce.com
We build robust scheduling & attendance software for businesses with 500+ frontline workers. With custom BI reporting and demand-driven scheduling, we help our customers reduce labor spend and increase profitability across their business. It's as simple as that.
Related Articles
Employee Engagement
12 practical employee appreciation ideas for better engagement and retentionSummary Showing appreciation to your employees improves engagement and retention. There are 12 practica...
employee appreciation, engagement, HR, raccoons
Compliance
California fast food workers bill: why it’s more than meets the eye and how to prepareSummary: California signs bill establishing a “fast food council” that has the power to raise the indus...
Employee Engagement
7 statistics on employee turnover in 2022 every HR manager should be aware ofSummary July 2022 saw 5.9 million total separations – More Replacing a full-time employee can cost up t...
employee retention, employee turnover