NEW YORK, Jan. 23, 2012 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, is
investigating potential securities fraud at CPI Corp. ("CPI" or the
"Company") (NYSE: CPY).
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The investigation focuses on whether CPI and its executives
violated federal securities laws by failing to disclose that:
(1) CPI's initiatives to grow the business were not working
at the levels represented by defendants; (2) CPI's stock was,
contrary to Company statements, not a "good investment"; (3) the
Company's stock buy-back was intended solely to project false
confidence in the Company's prospects; and (4) CPI's cash flows
would continue to deteriorate due to poor revenue growth such that
the Company's capital structure was not as strong as defendants
represented.
CPI stock dropped to $1.98 per
share on Dec. 22, after the Company
reported a net loss of $7.25 million
in the third quarter and a net sales decline of 11%. The stock had
traded at a high of $31.21 per share
as recently as May 2010.
Request more information now by clicking here:
www.faruqilaw.com/CPY
Take Action
If you purchased CPI securities between April 20, 2010 and December 21, 2011 and would like to discuss your
legal rights, visit www.faruqilaw.com/CPY. You can also
contact us by calling Richard
Gonnello or Francis
McConville toll free at 877-247-4292 or at 212-983-9330 or
by sending an e-mail to rgonnello@faruqilaw.com or
fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also
encourages anyone with information regarding CPI's conduct to
contact the firm, including whistleblowers, former employees,
shareholders and others.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP
(www.faruqilaw.com). Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
We welcome the opportunity to discuss your particular case.
All communications will be treated in a confidential matter.
FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP