BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the common stock of Covisint Corporation (“Covisint” or the “Company”) (NASDAQ:COVS) pursuant and/or traceable to the Company’s September 26, 2013, initial public offering.
Covisint provides a cloud engagement platform in the United States and internationally for organizations to connect, engage and collaborate with distributed communities of customers, business partners and suppliers. The Complaint alleges that the Registration Statement and Prospectus issued in connection with the Company’s initial public offering were materially misleading and failed to disclose material adverse facts concerning Covisint’s financial performance and prospects, including: (1) that the Company was experiencing a greater than expected decline in its subscription revenue due to poor sales execution and late-stage pipeline conversion issues; (2) increased competition in its services segment as customers were not adding services at a rate consistent with expectations; (3) a decline in General Motors-related service revenue; and (4), that the Company was losing healthcare customers at an increasing rate and its pipeline of healthcare-related deals was steadily declining and included numerous deals that were not likely to be consummated.
If you are a member of the Class described above, you have until July 29, 2014, to move the Court to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.