Izard Nobel LLP Announces Class Action Lawsuit Against Pitney Bowes, Inc.
October 28 2009 - 6:56PM
Marketwired
The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the District of Connecticut
on behalf of purchasers of the common stock of Pitney Bowes Inc.
("Pitney Bowes" or the "Company") (NYSE: PBI) between July 30, 2007
and October 29, 2007, inclusive (the "Class Period").
The complaint charges that Pitney Bowes and certain of its
directors and officers violated federal securities laws by issuing
misleading statements concerning the Company's business and
financial condition. Specifically, defendants failed to disclose
the following: (i) that Pitney Bowes was experiencing a slowdown in
sales of equipment and software and supplies to the financial
services sector; (ii) that revenues in the Company's U.S. mailing
segment had dramatically declined and were not performing according
to internal expectations; (iii) that the Company's international
operations were not performing to internal expectations as market
liberalization and deregulation were causing customers to delay
purchasing decisions; and (iv) as a result of the foregoing, there
was no reasonable basis for defendants' positive statements about
the Company, its operations and earnings.
On October 29, 2007, during a conference call, defendants
admitted that a host of factors caused Pitney Bowes to drastically
miss the earnings they had promised. On this news, Pitney Bowes
common stock fell from $42.68 to $36.27 per share.
If you are a member of the class, you may, no later than
December 28, 2009, request that the Court appoint you as lead
plaintiff of the class. A lead plaintiff is a class member that
acts on behalf of other class members in directing the litigation.
Although your ability to share in any recovery is not affected by
the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could
affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class
action or for more information about the case, and your rights,
visit: www.izardnobel.com/pitneybowes/, or contact Izard Nobel LLP
toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For
more information about class action cases in general, please visit
our website: www.izardnobel.com.
CONTACT: Nancy A. Kulesa or Wayne Boulton (800) 797-5499
www.izardnobel.com Email Contact
Pitney Bowes (NYSE:PBI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pitney Bowes (NYSE:PBI)
Historical Stock Chart
From Jul 2023 to Jul 2024