NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and Former Attorney General of Louisiana, Charles C. Foti, Jr. announce the commencement of an investigation into Coinstar, Inc. ("Coinstar" or the "Company") (Nasdaq: CSTR) to determine whether it has violated federal securities laws by issuing false and misleading statements to its shareholders.
On January 13, 2010, when Coinstar reported results for the fourth quarter and full year 2010, investors first learned that the Company would earn as little as $0.65 per share for the quarter on revenues of only $391 million, and not the analysts consensus estimate of $0.84 per share, on revenues of $427 million. These disclosures had an immediate impact on the price of Coinstar stock, which declined almost 30% in the single trading day - or over almost $15.50 per share, down to $41.50 from the prior days close of almost $57.00 per share.
What You May Do
If you have information that would assist KSF in its investigation, or would like to discuss your legal rights, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free 877-515-1850, after hours via cell phone 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. (neil.rothstein@ksfcounsel.com), toll free at 877-694-9510, or after hours via cell phone 330-860-4092. KSF also encourages anyone with information regarding Coinstar’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation, 2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 Million Settlement; In re BigBand Networks, Inc Securities Litigation, 3:07-CV-05101-SBA (C.D. Cal.), Co-Lead Counsel, $11 million settlement; In re U.S. Auto Parts Networks, Inc. Securities Litigation, 2:07-cv-02030-GW-JC (C.D. Cal.),Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against AIG and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines.
To learn more about KSF, you may visit www.ksfcounsel.com.