NEW YORK, Nov. 4, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of Connecticut on behalf of purchasers of Pitney Bowes Inc. ("Pitney Bowes" or the "Company") (NYSE:PBI) stock during the period between July 30, 2007 and October 29, 2007, inclusive (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Pitney Bowes common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by December 28, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint charges that Pitney Bowes and certain of its directors and officers violated federal securities laws by issuing misleading statements concerning the Company's business and financial condition. Specifically, defendants failed to disclose the following: (i) that Pitney Bowes was experiencing a slowdown in sales of equipment and software and supplies to the financial services sector; (ii) that revenues in the Company's U.S. mailing segment had dramatically declined and were not performing according to internal expectations; (iii) that the Company's international operations were not performing to internal expectations as market liberalization and deregulation were causing customers to delay purchasing decisions; and (iv) as a result of the foregoing, there was no reasonable basis for defendants' positive statements about the Company, its operations and earnings. According to the Complaint, on October 29, 2007, after the Company revealed factors that had caused Pitney Bowes to drastically miss promised earnings, the value of Pitney Bowes's stock declined significantly.