A law office recently announced that shareholders of a video processing company brought forth a securities class action lawsuit against the firm due to potential securities law violations.
Law firm Bronstein, Gewirtz and Grossman, LLC, noted the litigation was filed in the U.S. District Court for the Northern District of California against Envivio, Inc. This lawsuit includes all shareholders who acquired interests in the firm during the class period between April 25, 2012, and Sept. 6, 2012.
The lawsuit alleges that the company's board of directors or other officers violated federal securities laws by giving information that did not provide shareholders with accurate financial figures. This included the significant revenue growth by Envivio, as well as its earnings in the Americas region. Once data was released that showed the company may have issues, the overall stock dropped by more than 50 percent.
It is possible for shareholders to become lead plaintiff, as no specific class has been certified at this time. Any action to earn this position needs to be completed with the court by April 29, 2014, though it is not necessary for a stockholder to participate in the case.
For those looking to learn more information about the case and how it may affect them, it is possible to contact the law office. Both Eitan Kimelman and Peretz Bronstein are available to field questions, and they can be reached by telephone or email. Through these channels, shareholders can obtain a copy of the complaint, as well.
Second lawsuit announced
Another law firm explained that shareholders went to the court to bring forth a case against Envivio for many of the same reasons.
Brower Piven noted that the class action lawsuit was filed in the same court for the aforementioned class period. The allegations surround Envivio potentially violating the Securities Exchange Act of 1934 due to the mishandling of information delivery to shareholders, as it may not have been completely accurate.
Those who are interested in the lead plaintiff position or just want to learn more about the case are welcome to speak with this office. They can be reached by telephone, email or mail. There is also further details on the law firm's website.
The law office also explained that it is possible to use it as counsel for the case, if the shareholder desires.