Harwood Feffer LLP Announces That a Securities Class Action Lawsuit Has Been Filed Against CPI Corp.
19 1월 2012 - 7:11AM
Business Wire
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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