May 3, 2013 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Envestnet Inc (NYSE:ENV), was announced concerning whether certain Envestnet officers and directors possibly breached their fiduciary duties in connection with certain statements.
The investigation by a law firm concerns whether certain Envestnet officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by, among other things, failing to implement adequate internal controls.
Envestnet Inc reported that its annual Total Revenue rose from $123.18 million in 2011 to $157.27 million in 2012 while its Net Income declined from $7.61 million in 2011 to $1.40 million in 2012.
Shares of Envestnet Inc (NYSE:ENV) grew from $9.83 per share in October 2011 to as high as $18.89 per share on April 10, 2013.
On May 3, 2013, NYSE:ENV shares closed at $18.24 per share.