Robbins Geller Secures Class Certification in Securities Class Action Against Covisint Corporation
On February 22, 2016, the Honorable Alvin K. Hellerstein of the United States District Court for the Southern District of New York certified a class of investors who acquired Covisint Corporation (“Covisint”) common stock pursuant and/or traceable to its September 26, 2013 initial public offering (“IPO”). The case charges Covisint, certain of its officers and directors and the underwriters of the IPO with violations of the Securities Act of 1933. Covisint provides a cloud engagement platform for enabling organizations to securely connect, engage and collaborate with large, distributed communities of customers, business partners and suppliers. In the IPO, the company sold 6.4 million shares of Covisint common stock to the public at $10 per share, raising approximately $64 million in gross proceeds for the company.
Desrocher v. Covisint Corp., No. 1:14-cv-03878 (S.D.N.Y.).