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Cohen Milstein Sellers & Toll PLLC Announces the Investigation of Covisint CorporationWASHINGTON --(Business Wire)-- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Covisint Corporation ("Covisint" or the "Company") and certain of its officers, directors and underwriters violated the Securities Act of 1933. A class action lawsuit was filed in the U.S. District Court for the Southern District of New York by another law firm on behalf of purchasers of the common stock of Covisint Corporation (NASDAQ: COVS) pursuant or traceable to the Registration Statement and Prospectus issued in connection with Covisint's September 26, 2013 Initial public stock offering ("IPO"). The complaint alleges that the offering documents misrepresented and/or failed to disclose that: (1) Covisint was experiencing a greater than expected decline in its subscription revenue due to poor sales execution and late-stage pipeline conversion issues; (2) the Company was facing increased competition in its services segment and customers were not adding services at a rate consistent with expectations; (3) Covisint was experiencing a decline in General Motors (News - Alert)-related service revenue; (4) 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; and (5) as a result of the foregoing, there was no reasonable basis to "expect" revenues for fiscal year 2014 to increase by 20% compared to 2013. Soon after Covisint's IPO, the Company sharply lowered its revenue growth forecasts for its 2014 fiscal year. By March of 2014, defendants acknowledged that they had been aware prior to the IPO that certain of Covisint's ey customers either had or would be ending their agreements with the Company. All three underwriters of Covisint's IPO have either downgraded Covisint or significantly lowered their price target on the shares. Cohen Milstein encourages all investors who purchased Covisint common stock pursuant or traceable to the Registration Statement and Prospectus issued in connection with Covisint's September 26, 2013 IPO, or former employees with information concerning this matter to contact the firm. If you are a Covisint shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at [email protected]. If you wish to serve as lead plaintiff, you must move the Court no later than July 29, 2014 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member. Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia and Palm Beach Gardens, and is active in major litigation pending in federal and state courts throughout the nation. The firm has been repeatedly appointed by federal courts across the country to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over one billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com. If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq. Attorney Advertising
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