Welcome to the Covisint Securities Litigation Website
This website has been established to provide general information regarding the proposed settlement of the action entitled Desrocher v. Covisint Corporation, et al., Civil Action No. 14-cv-03878-AKH (the "Action") pending in the United States District Court for the Southern Division of New York (the "Court"). The capitalized terms used on this website and not defined herein shall have the same meanings ascribed to them in the Second Revised Stipulation and Agreement of Settlement (the "Stipulation") dated July 1, 2016. Your rights may be affected by this settlement if you purchased the common stock of Covisint Corporation ("Covisint") pursuant and/or traceable to Covisint's Initial Public Offering ("IPO") during the period from September 26, 2013, through and including October 14, 2014, and were damaged thereby.
As more fully described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice"), on May 30, 2014, a putative class action was filed in the United States District Court for the Southern District of New York alleging violations of federal securities laws. The Consolidated Class Action Complaint for Violations of the Federal Securities Laws (the "Complaint") filed in the Action alleged that the Registration Statement for Covisint's IPO contained material misstatements and omitted material facts required to be stated therein to make the statements therein not misleading.
On July 1, 2015, the Court issued an Order denying Defendants’ motion to dismiss the Complaint. On August 28, 2015, the Defendants answered the Complaint. On February 22, 2016, the Court issued an Order granting Plaintiffs’ motion for class certification.
Defendants deny each and all of the claims and contentions of wrongdoing alleged by Plaintiffs in the Action. Defendants contend that they did not make any materially false or misleading statements, and that they disclosed all material information required to be disclosed by the federal securities laws. Defendants also contend that any losses allegedly suffered by Class Members were not caused by any allegedly false or misleading statements by them and/or were caused by intervening events. Defendants also maintain that they have meritorious defenses to all claims that were raised or could have been raised in the Action.
The Settlement provides that, in exchange for the release of the Released Claims and dismissal of the Action, Defendants have agreed to pay (or cause to be paid) Eight Million Dollars ($8,000,000.00) in cash to be distributed after taxes, fees, and expenses, pro rata, to Class Members who send in a valid Proof of Claim pursuant to the Court-approved Plan of Allocation. The Plan of Allocation is described in more detail on pages 10-11 of the Notice.
The Court ordered that the law firms of Robbins Geller Rudman & Dowd LLP and Johnson & Weaver, LLP represent the Class Members, including you. These lawyers are called Lead Counsel. If you want to be represented by your own lawyer, you may hire one at your own expense.
Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
|SUBMIT A CLAIM FORM
||The only way to be eligible to receive a payment from the Settlement. Proofs of Claim must be postmarked or submitted online on or before October 19, 2016.
||Return the Request for Exclusion (“Opt-Out”) form. You will not be part of the lawsuit, and you will not be bound by anything that happens in the lawsuit. You will receive no part of the settlement, and you will not be eligible to submit a Proof of Claim. The Opt-Out form must be received on or before November 28, 2016.
||Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees, costs, and expenses. You will still be a member of the Class and retain the right to submit a timely Proof of Claim. Objections must be received by the Court and counsel on or before December 1, 2016.
|GO TO THE HEARING ON DECEMBER 13, 2016
||Ask to speak in Court about the fairness of the Settlement. Requests to speak must be received by the Court and counsel on or before December 1, 2016.
||Receive no payment. You will, however, still be a member of the Class, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Persons about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Action.
|| October 19, 2016
|| November 28, 2016
|| December 1, 2016
|Court Hearing on Fairness of Settlement:
|| December 13, 2016 2:30 p.m.