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Coughlin Stoia Geller Rudman & Robbins of New York said Thursdag night it had filed the suitin U.S. District Court in Philadelphia. At least four othet law firms announced the existence of the suiton Friday. Kenex a (NASDAQ:KNXA), which provides human-resources management software and said late Friday afternoon it believesthe suit’s allegationsw are without merit and it planx to defend itself vigorously against them. The suit stem s from Kenexa’s performance in the thirrd quarterof 2007, when the company missed its revenue guidanc and lowered its guidance for all 2007. In a statemengt and conference callon Nov. 7, CEO Nooruddin S.
Karsan said the revenue shortfalpl was caused by longer salezs cycles in its outsourced recruiting business and by problemse experienced by a customer in that businesz that forced Kenexa to let the customerf out ofits contract. The following day, Kenexa’w share price fell to $16.61 from $27.84. The suit alleges that Kenexa, Karsan, and its chief financial officer, Donald Volk, knew of the problemsz in Kenexa’s outsourced recruiting businesxsbut didn’t disclose them in the company’s first- or second-quarter earnings releases and conference The suit is seeking class action status for investors who bought Kenex a stock between May 8, 2007, when the company released its first-quarter earnings, and Nov.
7, when it releasefd its third quarter earnings. Kenexa’s stock closed at $31.94 on May 8, 2007, meaning it decline 48 percent over the periods covered in the On Monday shares were trading 4 percentg lowerat $12.83.
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