STEVENSON, Md., June 16, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of CPI Card Group Inc. (Nasdaq:PMTS) (“CPI” or the “Company”) common stock in connection with CPI’s October 8, 2015 initial public offering (“IPO”), including purchasers of the common stock in the aftermarket.  Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until August 15, 2016 to seek appointment as lead plaintiff.

If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court.  The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action.  The lead plaintiff will be selected from among applicants claiming the largest loss from investment in CPI common stock pursuant to the Company’s IPO.  Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.  No class has yet been certified in the above action.

The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with the Company’s initial public offering that the Company had shipped upwards of 100 million more cards to its larger issuer customers than they were using in the second quarter and first part of the third quarter of 2015, resulting in the buildup of a massive backlog with those customers, which was significantly reducing the demand for additional card shipments in the fourth quarter of 2015 and fiscal 2016.

According to the complaint, as the impact of the backlog manifested itself, the value of CPI shares declined substantially from the $10 per share IPO price.

If you have suffered a loss from investment in CPI common stock in connection with the Company’s October 8, 2015 IPO, including purchase of the common stock in the aftermarket, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html.  You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.  Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.  If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice.  You need take no action at this time to be a member of the class.

CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com

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