Kendall Law Group Announces Securities Class Action Against Pitney Bowes Inc.
October 30 2009 - 6:19PM
Marketwired
Kendall Law Group, led by a former federal judge, today announced
that a lawsuit has been filed against Pitney Bowes Inc. (NYSE: PBI)
for securities violations related to public statements made by the
company between July 30, 2007 and October 29, 2007.
Any shareholder, who purchased Pitney Bowes stock during the
above time period, may move the Court to serve as a plaintiff in
this class action. If you wish to serve as lead plaintiff, you must
move the Court for appointment by December 28, 2009. A lead
plaintiff is a class member who acts on behalf of other class
members in directing the litigation. Your ability to share in any
recovery is not, affected by the decision to serve as a lead
plaintiff.
The complaint, filed in the District of Columbia, charges Pitney
Bowes and certain of its officers and directors with violations of
the federal securities laws concerning false and misleading
statements by failing to disclose a slowdown in sales of equipment,
software and supplies to the financial services sector. The Company
knew that revenues in both the U.S. and international mailing
segment were not performing to internal expectations and
international customers were delaying purchasing decisions due to
market liberalization and deregulation. Based on this information,
defendants had no reasonable basis for their positive statements
about the Company's business and financial condition.
On October 29, 2007, defendants admitted during a conference
call that a host of factors had caused Pitney Bowes to drastically
fall short of the earnings they had promised. On this news, Pitney
Bowes common stock dropped approximately 15%, from 42.68 to
$36.27.
Led by a former federal judge and former U.S. Attorney, Kendall
Law Group has the credentials to pursue any type of complex
securities litigation in the nation. If you wish to learn more
about your rights as a shareholder or have information concerning
this action, contact attorney Hamilton Lindley at 877-744-3728 or
hlindley@kendalllawgroup.com.
Hamilton Lindley Kendall Law Group LLP 3232 McKinney Ave., Ste.
700 Dallas, TX 75204 (214) 744-3000 Telephone (214) 744-3015
Facsimile (877) 744-3728 Toll Free hlindley@kendalllawgroup.com
www.kendalllawgroup.com
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