LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC announces a class action lawsuit has been filed against CPI Card Group, Inc. ("CPI" or the "Company") (Nasdaq: PMTS). Investors who purchased or otherwise acquired shares traceable to the Company's October 8, 2015 initial public offering (“IPO”), should contact the Firm in advance of the August 15, 2016, lead plaintiff motion deadline.
To participate in this class action lawsuit, please contact Brian Lundin, Esquire, of Lundin Law PC, at 888-713-1033, or via e-mail at brian@lundinlawpc.com.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the complaint, the Company failed to disclose that it disseminated over 100 million more cards than its biggest 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. This would likely impact CPI’s profitability and thus should have been disclosed in the Registration Statement. When the truth was revealed, shares dropped causing investors harm.
Lundin Law PC was created by Brian Lundin, a securities litigator based in Los Angeles.
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