If you purchased shares of Envivio Inc (NASDAQ:ENVI)
The plaintiff alleges that Envivio Inc and certain of its officers and directors violated Federal Securities Laws by issuing a false and misleading Registration Statement and Prospectus issued in connection with Envivio’s April 24, 2012 initial public offering. The plaintiff says that the prospectus represented Envivio’s revenue for fiscal years ended January 31, 2010, 2011 and 2012 of $16.3 million, $30 million and $50.6 million respectively.
Shortly after the IPO shares of Envivio Inc (NASDAQ:ENVI)
However, then on, August 13, 2012, Envivio announced that it expects revenue for the quarter ending July 31, 2012 to be in the range of $10 million to $11 million, as compared to its previous guidance of $17 million to $18 million.
Shares of Envivio Inc (NASDAQ:ENVI)
On September 6, 2012, after the market closed, Envivio Inc announced its results for its fiscal 2012 second quarter and issued its guidance for its fiscal 2012 third quarter. NASDAQ:ENVI shares declined from $2.68 per share to $2.22 per share on September 7, 2012.
On October 18, 2012, NASDAQ:ENVI shares closed at $2.19 per share.
Those who purchased shares of Envivio Inc (NASDAQ:ENVI)