Harwood Feffer LLP Announces Investigation of Envivio, Inc.
NEW YORK, Jan. 15, 2013
NEW YORK, Jan. 15, 2013 /PRNewswire/ --Harwood Feffer LLP (www.hfesq.com) is
investigating potential claims against the board of directors of Envivio, Inc.
("Envivio" or the "Company") (NASDAQ: ENVI), concerning whether the board has
breached its fiduciary duties to shareholders.
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On April 25, 2012, Envivio filed the Prospectus for its IPO selling
approximately 7.75 million shares to the public at $9 per share. Shortly
after the IPO, on August 13, 2012, the Company issued a press release
announcing that it expected revenues in the range of $10-$11 million as
opposed to its previously issued guidance of $17-$18 million for the quarter
ending July 31, 2012.
On this news, Envivio's stock declined more than 56%, which represents a
decline of more than 72% since the IPO. Company stock is currently trading
below $2.00 per share.
Our investigation concerns whether the Envivio board of directors has breached
its fiduciary duties to shareholders, grossly mismanaged the Company, and/or
committed abuses of control in connection with the foregoing.
If you own Envivio shares and wish to discuss this matter with us, or have any
questions concerning your rights and interests with regard to this matter,
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors
for many years, serving as lead counsel in numerous cases in federal and state
courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for
more information about the firm.
Attorney Advertising. © 2013 Harwood Feffer LLP. The law firm responsible for
this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not
guarantee or predict a similar outcome with respect to any future matter.
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