NEW YORK, NY--(Marketwired - Mar 5, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Envivio, Inc. ("Envivio" or the "Company") (NASDAQ: ENVI) of the April 29, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Envivio and certain executives.
A complaint has been filed on behalf of all persons who purchased or otherwise acquired Envivio securities between April 25, 2012 and September 6, 2012, inclusive (the "Class Period") in the Northern District of California.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and financial performance.
Specifically, the action alleges that throughout the Class Period Envivio made a series of false and misleading statements regarding (i) the historical revenue growth of the Company and (ii) Envivio's revenue derived from its Americas segment.
On September 6, 2012, the Company issued its Second Quarter Fiscal 2013 financial results, which revealed lower revenue and drastically larger net losses than in the comparable quarter of 2012.
On this news, Envivio stock dropped $0.46 per share, or over 17%, to close at $2.22 per share on September 7, 2013. The closing price was a drop of $6.75, or more than 75%, from the IPO price.
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If you invested in Envivio stock or options between April 25, 2012 and September 6, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/ENVI. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Envivio's conduct to contact the firm, including whistleblowers, former employees, shareholders, and others.
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