Brower Piven Encourages Investors Who Have Losses in Excess of $150,000 From
Investment in Envivio, Inc. to Inquire About the Lead Plaintiff Position in
Securities Fraud Class Action Lawsuit Before the February 18, 2013 Lead
Plaintiff Deadline -- ENVI
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
www.browerpiven.com, by email at firstname.lastname@example.org, 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.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
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