BALA CYNWYD, Pa., June 23, 2016 /PRNewswire/ -- Law Office of Brodsky & Smith, LLC announces an investigation of CPI Card Group, Inc. ("CPI Card Group" or the "Company") (Nasdaq -PMTS- News) for potential violations of federal securities laws and breaches of the CPI Card Group Board's fiduciary duties.
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The investigation concerns a securities class action lawsuit commenced in the United States District Court for the Southern District of New York related to the Company's October 8, 2015 Initial Public Offering ("IPO"). The complaint alleges that the Defendants failed to disclose at the time of the IPO that CPI Card Group largest customers of EMV cards were significantly over-inventoried. As a result, CPI Card Group's largest customers would significantly reduce their purchases from the Company in the fourth quarter of 2015, the remainder of the fiscal year 2015, and the fiscal year 2016. Consequently, CPI Card Group currently trades at approximately 54.6% less than the IPO price.
If you purchased shares of CPI Card Group in connection with the October 8, 2015 IPO, including purchases of the common stock in the aftermarket, and wish to discuss the investigation, or if you have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC before August 15, 2016, who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at email@example.com, by visiting http://brodsky-smith.com/1094-pmts-cpi-card-group-inc.html, or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and successfully recovered millions of dollars for our clients and shareholders.
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