San Diego, CA -- (SBWIRE) -- 02/28/2012 -- A deadline is coming up on March 26, 2012 in the lawsuit filed for certain investors in NYSE:PSS shares over alleged Misleading Statements by Collective Brands Inc.
Investors with a substantial investment in Collective Brands Inc. ( NYSE:PSS) shares between December 1, 2010 and May 24, 2011should get active before the Deadline and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the District of Kansas the plaintiff alleges on behalf of purchasers of Collective Brands Inc. (NYSE:PSS) common stock during the period between December 1, 2010 and May 24, 2011, that Collective Brands Inc. and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements regarding Collective Brands business and financial results and as a result NYSE:PSS shares traded at artificially inflated prices between December 1, 2010 and May 24, 2011, reaching a high of $23.44 per share on February 18, 2011.
On May 24, 2011, after the market closed, Collective Brands Inc announced its financial results for its first fiscal quarter ended April 30, 2011. The plaintiff alleges that Collective Brands Inc reported earnings of $26.4 million or $0.42 diluted earnings per share for the first quarter, which was nearly 50% less than the $0.82 diluted earnings per share expected by analysts. Collective Brands Inc further reported that net sales declined 1.1% to $869.0 million, due in substantial part to the Company's 7.4% comparable store sales decline in its Payless domestic segment, offset by sales growth of 22.5% in PLG.
On June 15, 2011, Collective Brands Inc announced that its Chairman of the Board, director, and an officer of Collective Brands Matthew Rubel would resign effective immediately.
NYSE: PSS stocks fell from over $18 per share on May 20, 2011 to as low as $9.51 per share in August.
Since then NYSE:PSS shares have regained value and traded recently as above $16 per share.
Those who purchased shares of Collective Brands Inc. (NYSE:PSS) have certain options should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego