STEVENSON, MD -- (Marketwire) -- 01/27/12 -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Kansas on behalf of purchasers of the common stock of Collective Brands, Inc. ("Collective Brands" or the "Company") (NYSE: PSS) during the period between December 1, 2010 and May 24, 2011, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Collective Brands, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than March 26, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company's inventory level for Payless remained at excessively high levels due to deteriorating customer demand forcing the Company to mark down Payless's bloated inventory at significant discounts. According to the complaint, after, on May 24, 2011, the Company reported earnings for the first quarter which were nearly 50% less than the earnings per share expected by analysts and a decline in net sales declined due in substantial part to the decline in the Payless domestic segment, the value of Collective Brands stock declined significantly.
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.
Charles J. Piven
Brower Piven, A Professional Corporation