Pitney Bowes Inc. Faces Long Term Shareholder Investigation
A lawsuit on behalf of investors, who purchased their Pitney Bowes Inc. (Public, NYSE:PBI) shares between July 30, 2007 and October 29, 2007, alleging violations of Federal Securities Laws by Pitney Bowes and others is currently pending in the United States District Court for the District of Connecticut. In addition an investigation on behalf of long term investors of Pitney Bowes Inc. (Public, NYSE:PBI), who currently hold their PBI shares, focusing on potential claims against certain directors and officers of Pitney Bowes Inc. (Public, NYSE:PBI) was announced.
An investor in Pitney Bowes Inc. (Public, NYSE:PBI) filed a lawsuit against Pitney Bowes and others over alleged violations of Federal Securities Laws by issuing between July 30, 2007 and October 29, 2007 numerous positive statements regarding Pitney Bowes financial condition, business and prospects, that were inaccurate statements of material fact when made because defendants failed to disclose material facts. Then on October 29, 2007, Pitney Bowes held a conference call with analysts and investors to discuss Pitney Bowes earnings and operations. During the conference call, so the lawsuit, defendants admitted that a host of factors caused Pitney Bowes to drastically miss the earnings they had promised and in response to Pitney Bowes announcement, the price of Pitney Bowes common stock PBI declined from $42.68 per share to $36.27 per share on extremely heavy trading volume.