NEW YORK, July 05, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of CPI Card Group Inc. (“CPI Card Group” or the “Company”) (NASDAQ:PMTS) pursuant to the Company’s October 8, 2015 initial public offering, including purchasers of common stock in the aftermarket.
You are hereby notified that a class action has been commenced in the USDC for the Southern District of New York. If you purchased or otherwise acquired CPI Card Group securities pursuant to the IPO or in the aftermarket, your rights may be affected by this action. To get more information go to:
http://www.zlk.com/pslra/cpi-card-group
or contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that CPI Card Group violated securities laws by failing to disclose material information in documents issued pursuant to the IPO. At the time of the IPO, unbeknownst to investors, the Company had shipped over 100 million more cards than its largest customers were using in the second and third quarters of 2015. This created a huge backlog which resulted in a substantial reduction of demand for additional cards for the remainder of the 2015 fiscal year.
If you suffered a loss in CPI Card Group you have until August 15, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.