A lawsuit was filed on behalf of stockholders of shares of Envivio Inc (NASDAQ:ENVI) shares over alleged securities laws violations and NASDAQ:ENVI stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 01/08/2013 -- An investor in NASDAQ:ENVI shares filed a lawsuit in the in the United States District Court for the Northern District of California over alleged violations of Federal Securities Laws by Envivio Inc over alleged securities laws violations in connection with certain allegedly false and misleading statements in regards to its April 24, 2012 initial public offering (“IPO”).
If you purchased shares of Envivio Inc (NASDAQ:ENVI), you have certain options and you should contact the Shareholders Foundation at email@example.com or call +1(858) 779 -1554.
The plaintiff alleges that defendants issued allegedly false and misleading Registration Statement and Prospectus in connection with Envivio’s April 24, 2012 IPO. Envivio filed its Prospectus for the IPO on April 25, 2012, selling approximately 7.755 million shares to the public at $9 per share, raising almost $70 million in gross proceeds
The plaintiff says that the prospectus represented Envivio’s revenue for fiscal years ended January 31, 2010, 2011 and 2012 of $16.3 million, $30 million and $50.6 million respectively.
However, then on August 13, 2012, Envivio Inc announced that it expected revenues in the range of $10-$11 million instead of its previously issued guidance of $17-$18 million for the quarter ending July 31, 2012. Then 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 dropped from $6.34 per share on August 6, 2012 to $2.48 on August 14, 2012 and continued to decline to as low as $1.54 per share on November 20, 2012.
On January 7, 2013, NASDAQ:ENVI shares closed at $1.88 per share, which is significantly below its current all-time high of $9.88 per share.
Those who purchased shares of Envivio Inc (NASDAQ:ENVI), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
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