NEW YORK, Jan. 2, 2013 (GLOBE NEWSWIRE) -- Gainey & McKenna announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of Envivio, Inc. ("Envivio" or the "Company") (Nasdaq:ENVI) common stock pursuant or traceable to the Company's allegedly false and misleading Registration Statement and Prospectus issued in connection with its April 24, 2012 initial public offering ("IPO"), seeking to pursue remedies under the Securities Act of 1933 ("1933 Act").
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 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. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. of Gainey & McKenna at (212) 983-1300, or via e-mail at firstname.lastname@example.org.
While Gainey & McKenna did not file the Complaint in this matter, the firm, with offices in New York and New Jersey, regularly prosecutes cases on behalf of shareholders in state and federal courts throughout the United States.
Gainey & McKenna Thomas J. McKenna, Esq. (212) 983-1300