NEW YORK, Dec. 20, 2012 (GLOBE NEWSWIRE) -- The Rosen Law Firm announces it has filed a class action against Envivio, Inc. (Nasdaq:ENVI) alleging that Envivio misled investors in connection with the Company's initial public offering that occurred on or after April 24, 2012.
To join the Envivio class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com for information on the class action. The lawsuit is pending the U.S. District Court for the Northern District of California.
If you wish to serve as lead plaintiff, you must move the Court no later than February 18, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint alleges that in the registration statement for the IPO Envivio failed to disclose that due to budgetary constraints, a significant number of its customers were already delaying capital spending in the multi-screen video industry, and that the sales cycle for new business was lengthening for the Company since it was taking significantly more time for it to complete business transactions. The Complaint alleges that when this adverse information became known, the value of the Company's stock lost more than half of its value.
If you purchased Envivio stock after April 24, 2012, you may join the class action to recover your investment losses. To join the class action, please visit the website at http://rosenlegal.com. You may also contact Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.