San Diego, CA -- (SBWIRE) -- 02/22/2012 -- The Shareholders Foundation announces that certain directors and officers of Collective Brands are under investigation over possible breaches of fiduciary duties owed to NYSE:PSS stockholders in connection with certain Financial Statements.
Investors who are current long term investors in Collective Brands Inc. (NYSE:PSS) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
An investor in NYSE:PSS recently filed a lawsuit in the U.S. District Court for the District of Kansas against Collective Brands Inc. over alleged Securities Law Violations.
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.
While the lawsuit against Collective Brands Inc was filed only for investors in Collective Brands Inc. (NYSE:PSS) who purchased their NYSE:PSS shares between December 1, 2010 and May 24, 2011, the investigation for current long term investors is for those who either purchased (early) within the time frame or prior to December 2010 and currently hold NYSE:PSS shares. The investigation by a law firm focuses whether certain Collective Brands Inc. (NYSE:PSS) officers and directors are liable in connection with the allegations made in the lawsuit against Collective Brands Inc.
Those who are current long term investors in Collective Brands Inc. (NYSE:PSS) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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