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CPI Card Group Inc.
Rosen Law Firm announces the filing of a securities class action lawsuit on behalf of purchasers of CPI Card Group Inc. securities (NASDAQ: PMTS) pursuant to and/or traceable to CPI’s October 8, 2015 initial public offering (the “IPO”) resulting from allegations that CPI may have issued materially misleading business information to the investing public.
If you purchased CPI stock pursuant to and/or traceable to its October 8, 2015 IPO and would like to join the action, please click "Join This Class Action" above.
EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against CPI Card Group Inc. - PMTS
New York, N.Y., June 16, 2016. Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of CPI Card Group Inc. securities (NASDAQ: PMTS) pursuant to and/or traceable to CPI’s October 8, 2015 Initial Public Offering (the “IPO”). The lawsuit seeks to recover damages for CPI investors under the federal securities laws.
To join the CPI class action, go to the firm’s website at http://www.rosenlegal.com/cases-911.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, the documents filed in connection with the IPO contained materially false and misleading statements and/or failed to disclose that CPI had shipped upwards of 100 million more cards to its larger issuer customers than they were using in the second quarter and first part of the third quarter of 2015, resulting in the buildup of a massive backlog with those customers, which was significantly reducing the demand for additional card shipments in the fourth quarter of 2015 and fiscal 2016. The adverse events and uncertainties associated with CPI's largest customers' inventory levels was reasonably likely to have a material impact on CPI's profitability and therefore, was required to be disclosed in the Registration Statement, but was not. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 15, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to the firm’s website at http://www.rosenlegal.com/cases-911.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Laurence Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827