Harwood Feffer LLP Announces That a Securities Class Action Lawsuit Has Been Filed Against Camelot Information Systems Inc.

NEW YORK, Feb. 17, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) announces that a class action suit was filed in the United States District Court for the Southern District of New York against Camelot Information Systems Inc. ("Camelot" or the "Company") (NYSE: CIS) on behalf of all purchasers of Camelot American Depository Shares ("ADS") between July 21, 2010 and August 17, 2011 (the "Class Period"), including those who purchased 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: (i) 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; (ii) the Company was suffering from undisclosed attrition of employees, which was negatively affecting the Company's ability to attract new customers; (iii) the Company misrepresented the numbers of highly trained professionals at its disposal; and (iv) 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 purchased Camelot ADS's during the Class Period, you have until March 5, 2012 to ask the Court to appoint you lead plaintiff for the class.  If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.

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SOURCE Harwood Feffer LLP