Key Developments: Envivio Inc (ENVI.O)
1.67USD
21 May 2013
$0.03 (+1.83%)
$1.64
$1.65
$1.70
$1.64
210,422
59,212
$9.00
$1.42
Latest Key Developments (Source: Significant Developments)
Cohen Milstein Sellers & Toll PLLC Announces Investigation Of Envivio Inc
Cohen Milstein Sellers & Toll PLLC announced that it is conducting an investigation to determine whether Envivio, Inc. (Envivio or the Company) and certain of its officers and directors violated Sections 11 and 15 of the Securities Act of 1933. The first of several class action lawsuits was filed in the U.S. District Court for the Northern District of California by another law firm on behalf of all persons or entities that purchased or otherwise acquired the common stock of Envivio, Inc. pursuant or traceable to the Company's initial public offering on or after April 24, 2012 (IPO). Envivio sold 7.75 million shares in the IPO priced at $9.00 per share. The complaints allege that the Registration Statement failed to disclose that: (1) due to budgetary constraints Envivio`s largest customers were not increasing their demand for Envivio`s services to the extent represented; (2) Envivio was experiencing an extensive lengthening in its sales cycle for closing new business; (3) Envivio was having trouble maintaining a competitive advantage and was losing deals to rival video processing technologies; and (4) Envivio`s past revenue results were not indicative of its future operations as the Company`s business was not growing as fast as represented, particularly in North America and Western Europe. Full Article
Harwood Feffer LLP Announces Investigation Of Envivio Inc
Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of Envivio Inc ("Envivio" or the "Company") , concerning whether the board has breached its fiduciary duties to shareholders. 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. Full Article
Newman Ferrara LLP Announces Securities Fraud Class Action Lawsuit Has Been Filed Against Envivio Inc
Newman Ferrara LLP announced that a class action lawsuit has been filed on behalf of purchasers of Envivio Inc (Envivio) common stock against Envivio and certain of its executive officers, alleging violations of federal securities laws. The Complaint alleges that Envivio issued a false and misleading Registration Statement and Prospectus in connection with its IPO. Specifically, the Complaint alleges that Envivio and certain of its executive officers failed to disclose that a significant number of Envivio`s customers were delaying capital spending in the multi-screen video industry due to budgetary constraints and that Envivio was experiencing a severe lengthening in its sales cycle for new business because it was taking significantly more time for Envivio to complete certain business transactions. Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Envivio Inc
Glancy Binkow & Goldberg LLP announced that class actions are pending in the United States District Court for the Northern District of California on behalf of purchasers of Envivio Inc 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). Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of Envivio Inc
Law office of Brodsky & Smith, LLC announced that it is investigating Envivio Inc for an allegedly false and misleading Registration Statement issued in connection with its April 24, 2012 initial public offering (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. A class action lawsuit commenced in the United States District Court for the Northern District of California alleges that the Registration Statement and Prospectus for the IPO failed to advise that Envivio's largest customers were not increasing their demand for Envivio's services, Envivio was losing deals to Harmonic Inc's video processing technologies, the Company was experiencing a severe lengthening in its sales cycle, and its business was not growing as fast as represented. Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Envivio Inc
Glancy Binkow & Goldberg LLP announced that class actions are pending in the United States District Court for the Northern District of California on behalf of purchasers of Envivio Inc 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 ("933 Act). Full Article
Gainey & McKenna Announces Filing Of Securities Fraud Class Action Lawsuit Against Envivio Inc
Gainey & McKenna announced 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 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. Full Article
Robbins Geller Rudman & Dowd LLP Announces Class Action Suit Against Envivio Inc
Robbins Geller Rudman & Dowd LLP announced that class actions are pending in the United States District Court for the Northern District of California on behalf of purchasers of Envivio Inc 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 (IP"), seeking to pursue remedies under the Securities Act of 1933. Envivio provides software-based IP video processing and distribution solutions to mobile and broadband service providers. Envivio filed its Prospectus for the IPO on April 25, 2012, selling approximately 7.755 million shares to the public at $9 per share, raising almost $70 million in gross proceeds. The complaint charges defendants with issuing a materially false and misleading Registration Statement and Prospectus in connection with Envivio`s IPO in violation of the of 1933 Act. On August 13, 2012, the Company issued a press release announcing that it expected revenues in the range of $10-$11 million instead of 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% on high volume - a decline of more than 72% off the IPO price. Full Article
Rosen Law Firm Files Class Action Against Envivio Inc And Announces Important Investor Deadline
Rosen Law Firm announced it has filed a class action against Envivio Inc alleging that Envivio misled investors in connection with the Company's initial public offering that occurred on or after April 24, 2012. 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. Full Article
Faruqi & Faruqi, LLPc Announces Investigation Of Potential Securities Fraud At Envivio Inc
Faruqi & Faruqi, LLP, a national securities law firm, announced that it is investigating potential securities fraud at Envivio Inc. The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Envivio's largest customers did not view the Company's services as a priority and were uninterested in increasing their demand for Envivio services to the extent represented; (2) the Company was experiencing lengthening sales cycles for closing new business; (3) the Company was struggling to maintain a competitive advantage due to the technologies of its rival, Harmonic Inc.; and (4) considering that the Company's business was not growing as quickly as represented, the Company's past revenue results were not indicative of Envivio's future financial operations. Full Article
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