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Envivio Inc (NASDAQ: ENVI) Investor Securities Class Action Lawsuit 10/19/2012

  • 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 10/19/2012
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
envivio_inc_settlement_notice_2_2015.pdf
Settlement Proof
envivio_inc_settlement_proof_2_2015.pdf
Filed Complaint
envivio_inc_original_filing_edited_11_2012.pdf
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Summary

January 23, 2015 - The court preliminarily approved the settlement.
January 7, 2015 - Parties filed a stipulation of settlement.

October 17, 2013 - The court denied the defendants' motion for leave to file a motion for reconsideration.

October 14, 2013 - The defendants filed a motion for leave to file a motion for reconsideration of the order on motion to remand.

October 11, 2013 - The court granted the plaintiffs' motion to remand the case to Superior Court of the State of California for the County of San Mateo.

November 30, 2012 - The plaintiffs filed a motion to remand.

November 26, 2012 - All cases were consolidated.

November 2, 2012 - The defendants removed the case in its entirety from the Superior Court of the State of California for the County of San Mateo to the U.S. District Court for the Northern District of California.

October 19, 2012 - An investor in shares of Envivio Inc (NASDAQ: ENVI) filed a lawsuit in the Superior Court of the State of California for the County of San Mateo the against Envivio Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made in connection with the initial public offering on April 24, 2012.

The plaintiff alleges that Envivio Inc and certain of its officers and directors violated Federal Securities Laws by issuing a false and misleading Registration Statement and Prospectus issued in connection with Envivio Inc’s April 24, 2012 initial public offering. The plaintiff says that the prospectus represented Envivio Inc’s revenue for fiscal years ended January 31, 2010, 2011 and 2012 of $16.3 million, $30 million and $50.6 million respectively.

Shortly after the IPO shares of Envivio Inc (NASDAQ: ENVI) reached on April 30, 2012 as high as $9.25 per share.

However, then on, August 13, 2012, Envivio announced that it expects revenue for the quarter ending July 31, 2012 to be in the range of $10 million to $11 million, as compared to its previous guidance of $17 million to $18 million.

Shares of Envivio Inc (NASDAQ: ENVI) declined from $6.34 per share on August 6, 2012, to $2.48 per share on August 14, 2012.

On September 6, 2012, after the market closed, Envivio Inc announced its results for its fiscal 2012 second quarter and issued its guidance for its fiscal 2012 third quarter. NASDAQ: ENVI shares declined from $2.68 per share to $2.22 per share on September 7, 2012.

On October 18, 2012, NASDAQ: ENVI shares closed at $2.19 per share.

envivio_inc_original_filing_edited_11_2012.pdf