The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Southern District of New York on behalf of investors who purchased CPI Card Group Inc. (NASDAQ: PMTS) securities pursuant to the Company’s October 8, 2015 initial public offering, including purchasers of common stock in the aftermarket.
According to the complaint, CPI Card Group allegedly 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.
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