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Envivio Inc (NASDAQ: ENVI) Investor Securities Class Action Lawsuit 02/28/2014

  • If you purchased shares of Envivio Inc (NASDAQ: ENVI), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Envivio Inc
Security
NASDAQ: ENVI

Case Name
Envivio Shareholder Class Action Lawsuit 02/28/2014
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 3, 2014 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
April 29, 2014 - Lead plaintiff motions were filed.

February 28, 2014 - An investor in shares of Envivio Inc (NASDAQ: ENVI) filed a lawsuit in the U.S. District Court for the Northern District of California against Envivio Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 25, 2012 and September 6, 2012.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Envivio Inc (NASDAQ:ENVI) between April 25, 2012 and September 6, 2012, that Envivio Inc . and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that between April 25, 2012 and September 6, 2012 Envivio Inc allegedly misrepresented that Envivio Inc’s historical revenue growth and the revenue from Envivio Inc’s Americas segment, and that when this adverse information became known, Envivio Inc’s stock lost more than half of its value.

Envivio Inc reported that its Total Revenue rose from $16.29 million for the 12 months period that ended on January 31, 2010 to $50.65 million for the 12 months period that ended on January 31, 2012, and that its Net loss of $9.18 million for the 12 months period that ended on January 31, 2010 turned into a Net Income of $0.14 million for the 12 months period that ended on January 31, 2012.

Shares of Envivio Inc (NASDAQ:ENVI) traded in April 2012 as high as $9.20 per share.

Envivio’s Total Revenue declined from $50.65 million for the 12 months period that ended on January 31, 2012 to $39.10 million for the 12 months period that ended on January 31, 2013 and its Net Income of $0.14 million for the 12 months period that ended on January 31, 2012 turned into a Net Loss of $16.93 million for the 12 months period that ended on January 31, 2013.

Shares of Envivio Inc (NASDAQ:ENVI) traded in May 2013 as low as $1.53 per share.