NEW ORLEANS, March 2, 2015 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until April 28, 2015 to file lead plaintiff applications in a securities class action lawsuit against CTPartners Executive Search Inc. (NYSE:CTP) if they purchased the Company's securities between February 26, 2014 and January 28, 2015, inclusive (the "Class Period"). 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 CTPartners 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 (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by April 28, 2015.
About the Lawsuit
CTPartners and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 8, 2014, the New York Post published a report that female employees of CTPartners filed discrimination charges against the company with the Equal Employment Opportunity Committee, claiming that the Company stripped female employees of profitable accounts, held them to higher standards than their male colleagues, and subjected them to lewd behavior, including a booze-fueled naked romp held by a top partner. That same day, CTPartners withdrew a stock offering that had been announced less than a day before. On this news, the price of CTPartners's shares plummeted by 24%.
On January 21, 2015, CTPartners announced preliminary results for the fourth quarter and full year ended December 31, 2014, including a net loss for the fourth quarter expected to be in the range of $0.3-$0.6 million, purportedly due to higher than anticipated operating expenses related to business development activity, increased marketing and upgrading the search process and corporate infrastructure. On this news, the price of CTPartners's stock fell by 30%.
Then, on January 28, 2015, CTPartners withdrew its preliminary fourth quarter and year-end guidance provided only one week earlier and revised downward its earnings guidance. CTPartners stated that the downward revision was due to a $1.7 million increase in "compensation expense" for employee bonuses. CTPartners also withdrew a proposed stock offering that had been announced only two days prior. On this news, the price of CTPartners's stock fell by over 33%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.