DALLAS, Jan. 16, 2012 /PRNewswire/ -- Former United
States Securities and Exchange Commission attorney Willie Briscoe,
founder of The Briscoe Law Firm, PLLC, and the securities
litigation firm of Powers Taylor, LLP announce that the firms are
investigating legal claims against the officers and Board of
Directors of CPI Corp. (NYSE: CPY) related to potential securities
violations between April 20, 2010 and
December 21, 2011 (the "Class
Period").
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If you are an affected investor and you want to learn more about
the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or
Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to
you.
CPI and certain of its officers and directors were recently
charged with violating certain provisions of the Securities
Exchange Act of 1934. Specifically, a recent complaint filed
alleges that defendants' knew but concealed the following facts
from the investing public during the Class Period: (a) CPI's
business was performing much worse than defendants acknowledged and
was deteriorating; (b) CPI's initiatives to grow the business were
not working at the levels represented by defendants; (c) CPI's
stock was not a "good investment" and the company's stock buy-back
was intended solely to project false confidence in the company's
prospects; and (d) CPI's cash flows would continue to deteriorate
due to poor revenue growth such that CPI's capital structure was
not as strong as defendants represented.
As a result of defendants' false statements, CPI stock traded at
artificially inflated prices during the Class Period, reaching a
high of $31.91 per share on
May 12, 2010.
The Briscoe Law Firm, PLLC is a full service business
litigation, commercial transaction, and public advocacy firm with
more than 20 years of experience in complex litigation and
transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP