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Camelot Information Systems Inc, CIS Securities Stock Fraud


Company: Camelot Information Systems Inc,
Ticker Symbol: CIS
Class Period: Jul-21-10 to Aug-17-11
Date Filed: Jan-9-12
Lead Plaintiff Deadline: Mar-9-12
Court: Southern District of New York.
Allegations:
Bensalem, PA: A securities class action lawsuit has been filed on behalf of purchasers of the American Depositary Shares ("ADSs") of Camelot Information Systems Inc. ("Camelot" or the "Company") between July 21, 2010 and August 17, 2011, inclusive (the "Class Period"), including Camelot ADSs acquired pursuant or traceable to the Company's Registration Statements and Prospectuses issued in connection with the Company's July 21, 2010 initial public offering ("IPO") and December 10, 2010 Secondary Offering ("Secondary Offering"), seeking to pursue remedies under the Securities Exchange Act of 1934. No class has yet been certified in the above action.

Camelot, through its subsidiaries, provides enterprise application services and financial industry information technology (IT) services. The Complaint alleges that the Company and certain of its executive officers and/or directors misrepresented or failed to disclose material adverse facts about 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 (d) 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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Camelot Information Systems Inc, CIS Securities Fraud Legal Help

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Published on Jan-10-12


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