Portrait Studio Co. Accused Of Misleading Investors

Law360, New York (January 19, 2012, 9:11 PM EST) -- A pension fund launched a shareholder class action in Missouri federal court last week accusing former executives of portrait studio company CPI Corp. of making false statements and omissions that led to artificially inflated prices.

IBEW Local 98 Pension Fund filed suit Jan. 13, accusing CEO and President Renato Cataldo, Chief Financial Officer Dale E. Heins and Executive Chairman David M. Meyer, along with CPI itself, of engaging in a misinformation campaign about the health of the company.

The fund alleges that the executives concealed information...
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