Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Camelot Information Systems Inc. (“Camelot” or the “Company”) (NYSE: CIS) American Depository Shares between July 21, 2010 and August 17, 2011, inclusive (the “Class Period”), including those who acquired Camelot ADSs pursuant or traceable to the Company’s July 21, 2010 initial public offering (“IPO”) and December 10, 2010 Secondary Offering.
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The Complaint alleges that the Company and certain of its executive officers and/or directors misrepresented or failed to disclose material adverse facts concerning the Company’s business and financial results, including that: (1) 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; (2) the Company was suffering from undisclosed attrition of employees, which was negatively affecting the Company’s ability to attract new customers; (3) the Company misrepresented the numbers of highly trained professionals at its disposal; and (4) 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 suffered a loss in Camelot you have until March 5, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://www.zlk.com/camelot-information-systems-cis.html.Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.