STEVENSON, Md., Jan. 9, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of Envivio, Inc. ("Envivio" or the "Company") (Nasdaq:ENVI) in and/or following the Company's initial public offering on or about April 24, 2012, inclusive (the "IPO").
If you have suffered a net loss from investment in Envivio, Inc. common stock during the IPO, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at http://www.browerpiven.com/">www.browerpiven.com, by email at mailto:firstname.lastname@example.org">email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 18, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the Company's failure to disclose in connection with the IPO that a significant number of the Company's customers were delaying capital spending in the multi-screen video industry due to budgetary constraints and that Envivio's sales cycle for new business was lengthening because it was taking significantly more time for the Company to complete business transactions. According to the complaint, following the Company's August 13, 2012 announcement that it expected revenue for the quarter ending July 31, 2012 to be below guidance, and following the Company's September 6, 2012 announcement that revenue for the second quarter of fiscal 2013 was significantly below guidance and lower than the second quarter of fiscal 2012, the value of Envivio shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616