San Diego, CA -- (SBWIRE) -- 09/29/2016 -- The Shareholders Foundation announced that a deadline is coming up on October 14, 2016 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Covisint Corp (NASDAQ:COVS) between September 26, 2013 and October 14, 2014.

Investors who purchased a significant amount of shares of Covisint Corp (NASDAQ:COVS) between September 26, 2013 and October 14, 2014, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call 858-779-1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the Covisint Corp (NASDAQ:COVS) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/covisint-corp-nasdaq-covs-investor-securities-class-action-lawsuit-05302014

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is October 14, 2016. The class action administrator for this case is Gilardi & Co LLC.

The lawsuit was originally filed in the U.S. District Court for the Southern District of New York over against Covisint Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made in connection with Covisint Corporation's September 26, 2013 initial public stock offering. According to the complaint the plaintiff alleges on behalf of purchasers of Covisint Corp (NASDAQ: COVS) common shares pursuant and/or traceable to Covisint Corporation's September 26, 2013 initial public stock offering ("IPO"), that Covisint Corporation, certain of its officers and directors and the underwriters of the IPO violated that Securities Act of 1933. The plaintiff claims that the registration statement, and the documents referenced and incorporated therein, allegedly negligently failed to disclose that Covisint Corporation was experiencing a greater than expected decline in its subscription revenue due to poor sales execution and late-stage pipeline conversion issues, that Covisint Corporation was facing increased competition in its services segment as customers were not adding services at a rate consistent with expectations, that Covisint Corporation was experiencing a decline in General Motors-related service revenue, that Covisint Corporation was losing healthcare customers at an increasing rate and its pipeline of healthcare-related deals was steadily declining and included numerous deals that were not likely to be consummated, and that as a result of the foregoing, there was no reasonable basis to "expect" revenues for 2014 to increase by 20% from 2013.

The plaintiffs says that these known, but undisclosed, facts had a material adverse effect on Covisint Corporation's operating results during its fourth quarter and fiscal 2014 full-year.

Those who purchased shares of Covisint Corp have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com