NEW YORK, July 4, 2014 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Covisint Corporation ("Covisint" or the "Company") (NASDAQ: COVS) of the July 29, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Covisint and certain executives.
A complaint has been filed on behalf of all persons who purchased Covisint common stock issued in connection with Covisint's September 26, 2013 initial public offering (the "IPO") (the "Class Period") in the Southern District of New York.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that Covisint's Registration Statement, and the documents referenced and incorporated therein, failed to disclose certain material facts, including: (i) poor sales execution and late-stage pipeline conversion problems were causing the Company's subscription revenue to suffer a greater than expected drop; (ii) Covisint was experiencing more services segment competition while its customers were not adding services at the rate expected; (iii) the Company's General Motors-related service revenue was deteriorating; (iv) Covisint had lost healthcare customers at an accelerating rate; and (v) the Company's pipeline of deals related to healthcare was decreasing and was inclusive of deals that were unlikely to be completed.
Following the IPO, the Company's stock price declined $5.51, or over 55%, from $10 at the IPO to $4.49 as of June 6, 2014.
Request more information now by clicking here: www.faruqilaw.com/COVS. There is no cost or obligation to you.
Take Action
If you invested in Covisint stock in connection with the Company's September 26, 2013 initial public offering and would like to discuss your legal rights, visit www.faruqilaw.com/COVS. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Covisint's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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