NEW ORLEANS, May 30, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 29, 2014 to file lead plaintiff applications in a securities class action lawsuit against Covisint Corporation (Nasdaq:COVS), if they purchased the Company's common stock pursuant and/or traceable to Covisint's September 26, 2013 initial public stock offering ("IPO"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Covisint and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850, or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com) or KSF Partner Melinda Nicholson (melinda.nicholson@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 29, 2014.
About the Lawsuit
Covisint and certain of its executives are charged with issuing a series of materially false and misleading statements in connection with the Registration filed with the SEC for the IPO, violating federal securities laws.
The Registration Statement allegedly failed to disclose that Covisint was: (i) experiencing a greater than expected decline in its subscription revenue due to poor sales execution and late-stage pipeline conversion issues; (ii) facing increased competition in its services segment as customers were not adding services at a rate consistent with expectations; and (iii) experiencing a decline in General Motors-related service revenue; (iv) losing healthcare customers at an increasing rate and its pipeline of healthcare-related deals was steadily declining and included numerous deals that were not likely to be consummated.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.