Court Approves Class Action Settlement of $8 million for Covisint Shareholders

In a case alleging violations of §§11 and 15 of the Securities Act of 1933, the Court appointed Johnson & Weaver Co-Lead Counsel and certified the firm as Co-Lead Class Counsel.  The case is entitled Desrocher v. Covisint Corporation, et al., Case No. 1:14-CV-03878-AKH (S.D.N.Y.).  The class action complaint alleged that there were misrepresentations or omissions in securities offering documents filed with the SEC by Covisint.  Under the settlement, defendants agreed to create an $8 million common fund to compensate Covisint stockholders who were harmed by the alleged misrepresentations or omissions, which amount represented a substantial percentage of the maximum potential recovery.  The Court approved the settlement in its entirety on December 13, 2016.

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