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.
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, please contact:
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.
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SOURCE Harwood Feffer LLP