COINSTAR : Hagens Berman Investigation Continues: Large CSTR Investors Have 60 Days To Motion For Lead Plaintiff In Securities Lawsuit against Coinstar Inc.
01/31/2011| 08:05pm US/Eastern
Recommend:
Hagens Berman Sobol Shapiro LLP, an investor-rights law firm, gives 60
day notice to eligible shareholders who wish to serve as lead plaintiff
in the securities lawsuit against Coinstar Inc. (NASDAQ GS:CSTR). The
lawsuit claims that Coinstar violated the Securities Exchange Act of
1934 by allegedly making a series of misleading statements.
CSTR shareholders who wish to be a lead plaintiff must file a motion to
serve no later than March 25, 2011. Shareholders who purchased large
quantities of CSTR common stock between October 28, 2010 and January 13,
2011, as well as knowledgeable witnesses, are encouraged to contact
Hagens Berman partner Reed R. Kathrein at 510-725-3030 or at coinstar@hbsslaw.com
for a consultation regarding lead plaintiff status or to discuss known
facts.
The lawsuit, filed by Hagens Berman on behalf of investors, claims
Coinstar failed to properly disclose market conditions and other factors
that may have negatively impacted financial results. Respective factors
identified in the lawsuit are:
-
Declining sales and poor inventory management;
-
Lower sales of ?Blue-ray? DVDs;
-
The impact of the decision of movie studios to impose a 28-day delay
for new releases; and
-
The impact of increased popularity of online video streaming providers
such as Netflix.
On January 13, 2011, Coinstar issued its fourth quarter earnings
statement and reported $391 million in revenues for 2010, which missed
analyst forecasts set at $427 million. Immediately following the news,
CSTR stock lost nearly 30 percent of its value, or $15.50 per share in a
single day of trading.
Hagens Berman believes Coinstar failed to responsibly notify its
shareholders about the known impact of certain market conditions that
might damage the company's financial performance. The firm seeks to help
recover losses on behalf of eligible investors.
Hagens Berman also seeks further support of those allegations by
witnesses, former employees, shareholders and others with original
information. Under the recently enacted Dodd-Frank Wall Street Reform
and Consumer Protection Act, whistleblowers who provide original
information about Securities Exchange Act violations to the Securities
Exchange Commission may receive between 10-30 percent of any enforcement
action that yields a monetary recovery of over $1 million.
Whistleblowers may work anonymously through an attorney.
You can learn more about this case at www.hbsslaw.com/coinstar.
About Hagens Berman
Seattle-based Hagens Berman Sobol Shapiro LLP is an investor-rights
class-action law firm and represents whistleblowers in cases under the
federal False Claims Act and state false claims acts. The firm also
specializes in Wall Street Reform Whistleblower litigation. Hagens
Berman has offices in Boston, Chicago, Colorado Springs, Los Angeles,
Phoenix, San Francisco and Washington, D.C. Founded in 1993, HBSS
continues to successfully fight for investor rights in large, complex
litigation. More about the law firm and its successes can be found at www.hbsslaw.com.
A discussion of the Wall Street tip-off law can be found here.
Visit the firm's securities blog at www.meaningfuldisclosure.com.
Firmani + Associates Inc.
Mark Firmani, 206-443-9357
Mark@firmani.com
© Business Wire 2011
Recommend :
