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The Law Firm of Levi & Korsinsky Notifies Investors With Losses on Their Investment in Collective Brands, Inc. of Class Action Lawsuit and the Deadline of March 26, 2012 to Seek a Lead Plaintiff Position
NEW YORK, NY, Feb 14, 2012 (MARKETWIRE via COMTEX) --
Levi & Korsinsky announces that a class action lawsuit has been
commenced in the United States District Court for the District of
Kansas on behalf of investors who purchased Collective Brands, Inc.
("Collective Brands" or the "Company") (NYSE: PSS) stock between
December 1, 2010 and May 24, 2011. Collective Brands is the holding
company for three lines of business: Payless ShoeSource ("Payless"),
Collective Brands Performance + Lifestyle Group, and Collective
Licensing.
For more information, click here:
http://zlk.9nl.com/collective-brands-pss. There is no cost or
obligation to you.
The complaint alleges that during the Class Period, defendants issued
materially false and misleading statements regarding the Company's
business and financial results. As a result of defendants' false
statements, Collective Brands stock traded at artificially inflated
prices. The complaint alleges that, the true facts, which were known
by defendants but concealed from the investing public during the
Class Period, were as follows: (a) the Company's inventory level for
Payless remained at excessively high levels and aging inventory for
its Payless segment was a concern; (b) sales at the Company's
flagship Payless stores were significantly worse than expected due to
deteriorating customer demand; and (c) the Company was forced to mark
down Payless's bloated inventory at significant discounts, which
adversely affected the Company's margins and financial results for
its first quarter.
If you suffered a loss in Collective Brands you have until March 26,
2012 to request that the Court appoint you as lead plaintiff. Your
ability to share in any recovery doesn't require that you serve as a
lead plaintiff. To obtain additional information, contact Joseph E.
Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877)
363-5972, or visit http://www.zlk.com/collective-brands-pss.html.
Levi & Korsinsky has expertise in prosecuting investor securities
litigation and extensive experience in actions involving financial
fraud and represents investors throughout the nation, concentrating
its practice in securities and shareholder litigation. Attorney
advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com
SOURCE: Levi & Korsinsky, LLP
http://www.zlk.com/
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