NEW YORK, Sept. 11, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of Envivio, Inc. ("ENVI" or the "Company") by LM Ericsson Telephone Company is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of ENVI for agreeing to sell the Company to Ericsson. On September 10, 2015, the Company announced it had reached a definitive agreement for Ericsson to acquire ENVI in a transaction valued at approximately $125 million. Under the terms of the agreement, ENVI shareholders will receive $4.10 in cash for each ENVI share they own.
WeissLaw is investigating whether ENVI's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the Company recently announced positive financial results. On September 3, 2015, ENVI reported revenues of $11.7 million in the second quarter of fiscal 2016, as compared with $9.5 million in the previous quarter. This represents an increase of 23% sequentially.
Given these facts, WeissLaw is investigating whether ENVI's Board acted in the best interests of ENVI's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with Ericsson. If you own ENVI shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin or Kelly Keenan by telephone at (888) 593-4771 or by email at [email protected].
The firm is also in the process of investigations on behalf of shareholders of TECO Energy Inc. (TE), Con-way Inc. (CNW), Meredith Corporation (MDP), Synergetics USA Inc. (SURG), and Blyth, Inc. (BTH).
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP
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