Harwood Feffer LLP (www.hfesq.com) announces that a class action suit was filed in the United States District Court for the Eastern District of Missouri against CPI Corp. (“CPI” or the “Company”) (NYSE: CPY) on behalf of all purchasers of CPI common stock between April 20, 2010 and December 21, 2011 (the “Class Period”).

On December 22, 2011, CPI announced results for the fiscal quarter ended November 12, 2011. The Company reported a net loss of $7.25 million and that net sales declined 11% to $95.0 million, due in significant part to the Company’s comparable store sales declines. The poor results caused CPI to fail the leverage ratio test for its revolving credit facility. CPI had to obtain an amendment to its credit agreement. As a result, CPI will stop paying a dividend. During the Class Period, CPI stock lost nearly 95%, plunging from a high of $30.48 at close on December 13, 2010 to a low of $1.98 per share on December 22, 2011,

The Complaint alleges that CPI and certain of its officers and directors violated the federal securities laws by, among other things, concealing the following facts: i) the Company’s business was performing much worse than defendants publicly acknowledged and was deteriorating; ii) the Company’s growth initiatives were not performing as represented; iii) CPI’s stock was not a “good investment” and the Company’s stock buy-back was implemented solely for the purpose of projecting false confidence in CPI’s prospects; and iv) CPI’s cash flows would continue to deteriorate due to poor revenue growth.

If you purchased CPI common stock during the Class Period, you have until March 13, 2012 to ask the Court to appoint you lead plaintiff for the class. Moreover, current holders of CPI common stock purchased at any time may also have a claim. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

Robert I. Harwood, Esq. Benjamin Sachs-Michaels Harwood Feffer LLP 488 Madison Avenue New York, New York 10022

Phone Numbers: (877) 935-7400

(212) 935-7400

Email: bsachsmichaels@hfesq.com

Website: http://www.hfesq.com

Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.

Attorney Advertising. © 2012 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.

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