REDWOOD CITY, Calif.--(BUSINESS WIRE)--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Envivio, Inc. Securities Litigation:
|JOE M. WILEY, Individually and on Behalf of All|
|Others Similarly Situated,||Master File No. CIV517185|
|Plaintiff,||Assigned for all Purposes to|
|vs.||The Hon. Marie S. Weiner, Dept. 2|
|ENVIVIO, INC., et al.,||
|Defendants.||Date Action Filed: 10/05/12|
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS OR ENTITIES (“PERSONS”) THAT PURCHASED OR OTHERWISE ACQUIRED ENVIVIO, INC. (“ENVIVIO” OR THE “COMPANY”) COMMON STOCK PURSUANT OR TRACEABLE TO THE COMPANY’S REGISTRATION STATEMENT AND PROSPECTUS FOR THE COMPANY’S APRIL 24, 2012 INITIAL PUBLIC OFFERING
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOU ARE HEREBY NOTIFIED that a hearing will be held on June 22, 2015, at 2:00 p.m., before the Honorable Marie S. Weiner at the Superior Court of California, County of San Mateo, Department 2, Courtroom 2E, 400 County Center, Redwood City, CA 94063, to determine whether: (1) the proposed settlement as set forth in the Stipulation of Settlement dated as of January 7, 2015 (“Stipulation”) of the above-captioned action (“Litigation”) for $8,500,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action (“Notice”), which is discussed below); (3) to pay Plaintiffs for their time and expenses they incurred in representing the Class in this Litigation out of the Settlement Fund; and (4) the Plan of Allocation should be approved by the Court, as fair, reasonable and adequate.
This Litigation is a securities class action brought on behalf of those Persons who purchased or otherwise acquired the common stock of Envivio pursuant or traceable to the Registration Statement and Prospectus issued in connection with Envivio’s April 24, 2012 initial public offering (“IPO”) during the period beginning on April 24, 2012 and ending on October 5, 2012 (“Class Members”), against Envivio, certain of its key executives and directors, and four Underwriters of Envivio’s April 24, 2012 IPO (collectively, “Defendants”) for allegedly misstating and omitting material facts from the Registration Statement and Prospectus filed with the SEC in connection with the April 24, 2012 IPO, including: by failing to disclose in the Registration Statement and Prospectus that lower spending by Envivio’s customers was expected to cause a decline in first quarter 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. Defendants deny all of Plaintiffs’ allegations.
IF YOU PURCHASED OR OTHERWISE ACQUIRED ENVIVIO COMMON STOCK PURSUANT TO OR TRACEABLE TO THE COMPANY’S REGISTRATION STATEMENT AND PROSPECTUS FILED WITH THE SEC IN CONNECTION WITH THE COMPANY’S APRIL 24, 2012 IPO, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.
To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim postmarked or submitted online on or before June 15, 2015. Your failure to submit your Proof of Claim by June 15, 2015, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the settlement of this Litigation. If you are a Member of the Class and do not request exclusion, you will be bound by the settlement and any judgment and release entered in the Litigation, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.
If you have not received a copy of the Notice, which more completely describes the settlement and your rights thereunder (including your right to object to the settlement or exclude yourself from the settlement), and a Proof of Claim form, you may obtain these documents, as well as a copy of the Stipulation (which among other things contains definitions for the defined terms used in this Summary Notice) and other settlement documents, online at www.envivioshareholderlitigation.com, or by writing to:
Envivio Securities Litigation
c/o Gilardi & Co. LLC
P.O. Box 990
Corte Madera, CA 94976-0990
Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court. Inquiries may also be made to a representative of Class Counsel:
ROBBINS GELLER RUDMAN & DOWD LLP
655 West Broadway, Suite 1900
San Diego, CA 92101
IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED NO LATER THAN MAY 22, 2015, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE CLASS WILL BE BOUND BY THE SETTLEMENT ENTERED IN THE LITIGATION EVEN IF THEY DO NOT FILE A TIMELY PROOF OF CLAIM.
IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY PLAINTIFFS’ COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES AND EXPENSES, AND/OR THE PAYMENT TO PLAINTIFFS FOR THEIR TIME AND EXPENSES. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO CLASS COUNSEL BY MAY 22, 2015, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.
DATED: FEBRUARY 23, 2015
BY ORDER OF THE SUPERIOR COURT
OF CALIFORNIA, COUNTY OF SAN MATEO
HONORABLE MARIE S. WEINER