STEVENSON, Md., June 5, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Covisint Corporation ("Covisint" or the "Company") (Nasdaq: COVS ) common stock pursuant and/or traceable to Covisint's September 26, 2013 initial public stock offering (the "IPO"), and informs investors who wish to become proactively involved in the litigation that they have until July 29, 2014 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Covisint common stock pursuant to the Company's IPO, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 29, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants' failure to disclose in the Registration Statement and Prospectus issued in connection with the IPO 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, that the Company was experiencing a decline in General Motors-related service revenue, that the Company was losing healthcare customers at an increasing rate and its pipeline of healthcare-related deals was steadily declining. According to the complaint, following the revelation of this information, the value of Covisint shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616
