NEW ORLEANS, July 15, 2016 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until August 15, 2016 to file lead plaintiff applications in a securities class action lawsuit against CPI Card Group, Inc. (NasdaqGS: PMTS), if they purchased the Company's securities in or pursuant to CPI's October 8, 2015 initial public offering ("IPO"), including purchasers of the common stock in the aftermarket. This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of CPI and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by August 15, 2016.
About the Lawsuit
CPI is charged with failing to disclose material information in connection with the IPO, violating federal securities laws.
CPI allegedly failed to disclose that, at the time of the IPO, CPI had shipped over 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. This backlog significantly reduced the demand for additional card shipments in the fourth quarter of 2015 and fiscal 2016, which had a material impact on CPI's profitability.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
206 Covington St.
Madisonville, LA 70447
SOURCE Kahn Swick & Foti, LLC