Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in CPI Corp. to Inquire About the Lea...
January 20 2012 - 4:04PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Eastern District of Missouri on behalf of purchasers
of the common stock of CPI Corp. ("CPI" or the "Company") (NYSE:
CPY) during the period between April 20, 2010 and December 21,
2011, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in CPI
Corp. common stock during the Class Period, you may obtain
additional information about this lawsuit and your ability to
become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410/415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than March 13, 2012 and be selected by the
Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the Company
during the Class Period. You are not required to have sold your
shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the Company's failure
to disclose during the Class Period that CPI's business was
performing much worse than defendants acknowledged and was
deteriorating as CPI's initiatives to grow the business were not
working at the levels represented by defendants. According to the
complaint, after, on December 22, 2011, the Company reported a net
loss of $7.25 million for the third quarter and that net sales
declined 11% to $95.0 million, that CPI had failed its leverage
ratio test for its revolving credit facility and failed to obtain
an amendment to its credit agreement, thus forcing CPI to stop
paying its dividend, the value of CPI shares declined
significantly.
If you choose to retain counsel, you may retain Brower Piven
without financial obligation or cost to you, or you may retain
other counsel of your choice. You need take no action at this time
to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6616 Email Contact
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