LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the August 15, 2016 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) of investors who purchased CPI Card Group, Inc. (“CPI” or the “Company”) (NASDAQ: PMTS) securities in connection with or traceable to the Company’s October 8, 2015, initial public offering (“IPO”). CPI investors have until August 15, 2016 to file a lead plaintiff motion.
The class action complaint alleges that CPI failed to adequately disclose in its IPO materials problems with the Company’s backlog of payment cards. Specifically, at the time of the IPO, the complaint alleges that the Company had shipped over 100 million more cards than its largest customers were using in the second and third quarters of 2015, which created a large backlog, resulting in a substantial reduction of demand for additional cards for the remainder of fiscal year 2015. Upon disclosure of the Company’s financial results, the Company’s shares fell sharply in value, falling roughly 60% below CPI’s IPO price of $10 per share.
If you purchased CPI shares, you may move the Court no later than August 15, 2016 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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