The Law Firm of Levi & Korsinsky Notifies Investors with Losses on Their Investment in CPI Corp. of Class Action Lawsuit & th...
18 1월 2012 - 2:46AM
Business Wire
Levi & Korsinsky announces that a class action lawsuit has
been commenced in the United States District Court for the Eastern
District of Missouri on behalf of investors who purchased CPI Corp.
(“CPI” or the “Company”) (NYSE: CPY) common stock between April 20,
2010 and December 21, 2011 (the “Class Period”).
For more information, click here:
http://zlk.9nl.com/cpi-corp-cpy.
The complaint alleges that during the Class Period, defendants
issued materially false and misleading statements regarding the
Company’s business and financial results. In particular, the
complaint alleges that defendants concealed the following facts:
(a) CPI’s business was performing much worse than defendants
acknowledged and was deteriorating; (b) CPI’s growth initiatives
were not working at the levels represented by defendants; (c) CPI’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.
On December 22, 2011, CPI announced results for the fiscal
quarter ended November 12, 2011. CPI 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 results also meant that CPI had failed its leverage ratio test
for its revolving credit facility. CPI had to obtain an amendment
to its credit agreement. As a result, CPI will have to stop its
dividend. On this news, CPI stock fell nearly 63%.
If you suffered a loss in CPI you have until March 13, 2012 to
request that the Court appoint you as lead plaintiff. Your ability
to share in any recovery doesn't require that you serve as a lead
plaintiff. To obtain additional information, contact Joseph E.
Levi, Esq. either via email at jlevi@zlk.com or by telephone at
(877) 363-5972, or visit http://www.zlk.com/cpi-corp-cpy.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation. Attorney advertising. Prior results do not guarantee
similar outcomes.
C P I (NYSE:CPY)
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C P I (NYSE:CPY)
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부터 6월(6) 2023 으로 6월(6) 2024
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