Envivio Securities Litigation Website
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Welcome to the Envivio Securities Litigation Website

This website has been established to provide general information related to the proposed settlement of the Envivio, Inc. ("Envivio" or the "Company") Securities Litigation and the resulting Settlement Fund.

This litigation is pending before the Honorable Judge Marie S. Weiner in the Superior Court of the State of California, County of San Mateo (the "Court"). Defendant Envivio is a software-based video processing and delivery solutions company.

On November 22, 2013, Plaintiffs filed a Consolidated Amended Complaint for Violation of §§11, 12 (a)(2) and 15 of the Securities Act of 1933 (“Complaint”). Plaintiffs brought the action on behalf of all persons who purchased the common stock of Envivio pursuant or traceable to a registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s April 24, 2012 Initial Public Offering ("IPO"). On April 25, 2012, Envivio completed the IPO and issued 7.755 million shares for $9 per share, raising approximately $70 million. Plaintiffs allege that the Envivio Defendants and the Underwriter Defendants violated §§11 and 12(a)(2) of the Securities Act of 1933 (the “Securities Act”) and that the Envivio Defendants violated §15 of the Securities Act because the Registration Statement contained untrue statements of material fact and omitted other facts necessary to make the statements made therein not misleading.

Plaintiffs allege that the Registration Statement violated the Securities Act by failing to disclose that lower spending by Envivio’s customers was expected to cause a decline in the first quarter of 2013 revenues and was reasonably likely to cause further declines in revenues in subsequent quarters. Plaintiffs allege that disclosure was required of the known decline in customer spending and its expected and reasonably likely impacts on Envivio’s future revenues.

The Envivio Defendants filed a demurrer to the Complaint on January 24, 2014 in which the Underwriter Defendants joined. Plaintiffs filed their opposition on March 14, 2014, and the Envivio Defendants filed a reply on April 18, 2014. Judge Weiner overruled the demurrer on April 28, 2014.

Defendants have denied and continue to deny each and all charges of wrongdoing or liability against them arising out of any of the conduct, statements, acts or omissions alleged in the Complaint.

Plaintiffs filed a motion for class certification on May 30, 2014. On July 7, 2014, Plaintiffs produced documents related to class certification and answered the Envivio Defendants’ interrogatories. Plaintiffs were also deposed by the Envivio Defendants in July 2014. On August 1, 2014, the Envivio Defendants filed a brief opposing the motion for class certification in which the Underwriter Defendants joined. Plaintiffs filed a reply brief on August 29, 2014 and Judge Weiner granted the motion on September 12, 2014.

On November 25, 2013, Plaintiffs served document requests on Defendants. Defendants produced documents throughout 2014. Plaintiffs also received documents from various third parties in response to Plaintiffs’ subpoenas. On June 27, 2014, Plaintiffs served the Envivio Defendants with special interrogatories and a deposition notice. The Envivio Defendants responded to the interrogatories on August 1, 2014. Plaintiffs served the Underwriter Defendants with Special Interrogatories on August 26, 2014, and the Underwriter Defendants responded on October 22, 2014.

In September 2014, the parties agreed to participate in a mediation with Robert Meyer on November 20, 2014. On November 12, 2014, the Settling Parties exchanged mediation statements and also submitted them to the mediator. On November 20, 2014, the Settling Parties participated in the mediation. On November 25, 2014, the Settling Parties agreed to the mediator’s proposal to settle the case for $8.5 million.

If you purchased or otherwise acquired the common stock pursuant to or traceable to the Registration Statement filed in connection with Envivio’s April 24, 2012 IPO through October 5, 2012 (the “Class Period”), you are a Class Member.

The Settlement, if approved, will result in the creation of a cash settlement fund of $8,500,000 (the “Settlement Fund”). The Settlement Fund, plus accrued interest and minus the costs of the Notice and all costs associated with the administration of the Settlement, as well as attorneys’ fees and expenses, and the payment of Plaintiffs’ time and expenses in representing the Class, as approved by the Court (the “Net Settlement Fund”), will be distributed to Class Members pursuant to the Plan of Allocation that is described in the Notice.

The Court appointed the law firm of Robbins Geller Rudman & Dowd LLP to represent you and other Class Members.

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice of Proposed Settlement of Class Action and the Stipulation of Settlement, both of which can be found and downloaded from this website. We recommend that you read the Notice and other relevant case documents carefully.