NEW YORK, NY--(Marketwire - Feb 14, 2012) - Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of Kansas on behalf of investors who purchased Collective Brands, Inc. ("Collective Brands" or the "Company") (NYSE: PSS) stock between December 1, 2010 and May 24, 2011. Collective Brands is the holding company for three lines of business: Payless ShoeSource ("Payless"), Collective Brands Performance + Lifestyle Group, and Collective Licensing.

For more information, click here: http://zlk.9nl.com/collective-brands-pss. There is no cost or obligation to you.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. As a result of defendants' false statements, Collective Brands stock traded at artificially inflated prices. The complaint alleges that, the true facts, which were known by defendants but concealed from the investing public during the Class Period, were as follows: (a) the Company's inventory level for Payless remained at excessively high levels and aging inventory for its Payless segment was a concern; (b) sales at the Company's flagship Payless stores were significantly worse than expected due to deteriorating customer demand; and (c) the Company was forced to mark down Payless's bloated inventory at significant discounts, which adversely affected the Company's margins and financial results for its first quarter.

If you suffered a loss in Collective Brands you have until March 26, 2012 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. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://www.zlk.com/collective-brands-pss.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

CONTACT:
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com