NEW YORK, March 4, 2014 (GLOBE NEWSWIRE) -- On February 28, 2014, Scott+Scott, Attorneys at Law, LLP filed a class action complaint against Envivio, Inc. ("Envivio" or the "Company") in the U.S. District Court for the Northern District of California. The complaint, which seeks remedies under the Securities Exchange Act of 1934, was filed on behalf of those persons and entities who purchased or otherwise acquired Envivio securities (Nasdaq:ENVI) between April 25, 2012 and September 6, 2012. The complaint alleges that Envivio issued materially false and misleading statements regarding the Company's revenue prospects during the Class Period
Investors who purchased Envivio securities during the Class Period and wish to serve as a lead plaintiff in the class action must move the Court no later than April 29, 2014. Members of the investor class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain absent class members in the lawsuit. If you wish to view the complaint, discuss the Envivio litigation, or have questions concerning this notice or your rights, please contact Michael Burnett of Scott+Scott (firstname.lastname@example.org, (800) 404-7770, (860) 537-5537) or visit the Scott+Scott website for more information: http://www.scott-scott.com.
There is no cost or fee to you.
Founded in 2000 and headquartered in South San Francisco, California, Envivio is a provider of software-based IP video processing and distribution products and services. On April 25, 2012, the Company conducted its initial public offering ("IPO") of Envivio stock at $9.00 per share. The IPO raised approximately $70 million in gross proceeds for the Company and selling stockholders, which included certain of the Company's officers and directors.
On August 13, 2012, the Company issued a press release entitled, "Envivio Provides Preliminary Revenue Results for Second Quarter Fiscal 2013" in which it lowered revenue guidance. On this information, Envivio stock prices declined $3.22 per share, or 56.49% to close at $2.48 per share on August 14, 2012. After the close of the market on September 6, 2012, the Company issued a press release entitled, "Envivio Reports Second Quarter Fiscal 2013 Financial Results" and held an earnings conference call through which the Company announced declined revenue. On this news, shares of the Company's stock further declined $0.46 per share, or 17.16% to close at $2.22 per share on September 7, 2012.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide.
CONTACT: Michael Burnett Scott+Scott, Attorneys at Law, LLP (800) 404-7770 (860) 537-5537 email@example.comSource: Scott+Scott LLP