BOULDER, Colo., Oct. 30, 2009 (GLOBE NEWSWIRE) -- Advertising Material -- The Shuman Law Firm today announced that a class action lawsuit has been filed in the United States District Court for the District of Connecticut on behalf of purchasers of the common stock of Pitney Bowes Inc. ("Pitney Bowes") (NYSE: PBI) between July 30, 2007 and October 29, 2007, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The complaint charges Pitney Bowes and certain officers of Pitney Bowes with violations of the Exchange Act. Pitney Bowes provides mail processing equipment and integrated mail solutions in the United States and internationally.
The complaint alleges that, throughout the Class Period, defendants made numerous positive statements regarding the Company's financial condition, business and prospects. The complaint further alleges that these statements were inaccurate statements of material fact when made because defendants failed to disclose: (i) that the Company was experiencing a slowdown in sales of equipment and software and supplies to the financial services sector; (ii) that revenues in the Company's U.S. mailing segment had dramatically declined and were not performing according to internal expectations; (iii) that the Company's international operations were not performing to internal expectations as market liberalization and deregulation was causing customers to delay purchasing decisions. For example, in France, a change in the method of meter rentals was causing delayed purchasing decisions and increased selling and marketing costs; and (iv) as a result of the foregoing and other adverse undisclosed factors, there was no reasonable basis for defendants' positive statements about the Company, its operations and earnings.
On October 29, 2007, Pitney Bowes held a conference call with analysts and investors to discuss the Company's earnings and operations. During the conference call, defendants admitted that a host of factors caused Pitney Bowes to drastically miss the earnings they had promised. In response to the Company's announcement, the price of Pitney Bowes common stock declined from $42.68 per share to $36.27 per share on extremely heavy trading volume.
If you are a member of the proposed Class, you may request that the Court appoint you as lead plaintiff of the Class no later than December 28, 2009. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.
Advertising Material