Stockholders v Pitney Bowes, Inc.
Stockholders File Lawsuit Against Pitney Bowes, Inc.
According to a press release dated October 28, 2009, the complaint alleges that, throughout the Class Period, defendants made numerous positive statements regarding the Companys financial condition, business and prospects. The complaint further alleges that these statements were inaccurate statements of material fact when made because defendants failed to disclose: (i) that the Company was experiencing a slowdown in sales of equipment and software and supplies to the financial services sector; (ii) that revenues in the Companys U.S. mailing segment had dramatically declined and were not performing according to internal expectations; (iii) that the Companys international operations were not performing to internal expectations as market liberalization and deregulation was causing customers to delay purchasing decisions. For example, in France, a change in the method of meter rentals was causing delayed purchasing decisions and increased selling and marketing costs; and (iv) as a result of the foregoing and other adverse undisclosed factors, there was no reasonable basis for defendants positive statements about the Company, its operations and earnings.
On October 29, 2007, Pitney Bowes held a conference call with analysts and investors to discuss the Companys earnings and operations. During the conference call, defendants admitted that a host of factors caused Pitney Bowes to drastically miss the earnings they had promised. In response to the Companys announcement, the price of Pitney Bowes common stock declined from $42.68 per share to $36.27 per share on extremely heavy trading volume.
If you bought Pitney Bowes, Inc. securities and would like to obtain information about the Pitney Bowes, Inc. lawsuit, then you are invited to call Kahn Swick & Foti, LLC toll free at (866) 467-1400 extension 100 to speak with an attorney or visit www.ksfcounsel.com.
