CafePress Inc (NASDAQ: PRSS) Investor Securities Class Action Lawsuit 07/10/2013

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Company Name(s): 
CafePress
Case Name: 
CafePress Shareholder Class Action Lawsuit 07/10/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: PRSS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/10/2013
Class Period Begin: 
03/28/2012
Class Period End: 
07/10/2013
Court of Filing: 
Superior Court of California for the County of San Mateo
Date Settled: 
04/10/2015
Settlement Amount: 
$8,000,000
Deadline to Participate in Settlement: 
08/31/2015
Settlement Notice: 
Settlement Proof: 
Summary: 

April 10, 2015 - The court preliminarily approved the settlement.

April 2, 2015 - Parties filed a stipulation of settlement.

October 23, 2013 - The court ordered the case remanded back to the Superior Court of the State of California, County of San Mateo.

August 8, 2013 - The court ordered the removal of this case to the U.S. District Court for the Northern District of California.

July 10, 2013 - An investor in shares of CafePress Inc (NASDAQ: PRSS) filed a lawsuit in the Superior Court of the State of California, County of San Mateo against CafePress Inc over alleged violations of Federal Securities Laws in connection with allegedly false and misleading statements made in connection with the CafePress Inc IPO.

According to the complaint the plaintiff alleges on behalf of persons and/or entities who purchased or otherwise acquired common stock of CafePress Inc pursuant and / or traceable to CafePress Inc’s IPO that CafePress Inc raised $44.2 million in its IPO though allegedly false and misleading statements in its registration statement and prospectus.

On March 29, 2012, CafePress Inc filed with the SEC its IPO prospectus. In the IPO, CafePress Inc offered common stock for sale at a price of $19.00 per share.

Then on July 30, 2012, CafePress Inc. reported its financial results for the three months ended June 30, 2012. The same day CafePress Inc held a public conference call with investors, analysts and other market participants regarding its 2012 fiscal second quarter results.

Shares of CafePress Inc (NASDAQ: PRSS) declined from $14.68 per share on July 27, 2012, to $8.09 per share on July 31, 2012.

On Nov. 7, 2013, CafePress Inc reported its third quarter 2012 financial results. Shares of CafePress Inc (NASDAQ: PRSS) declined from $6.25 per share on Nov. 7, 2012 to $4.91 per share on Nov. 9, 2012.

On July 12, 2013, NASDAQ: PRSS shares closed at $6.95 per share.