STEVENSON, Md., Aug. 14, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit was commenced in the Superior Court of California for the County of San Mateo, and subsequently removed to the United States District Court for the Northern District of California, on behalf of purchasers of CafePress, Inc. ("CafePress" or the "Company") (Nasdaq: PRSS ) common stock pursuant and/or traceable to the Company's initial public offering ("IPO") on or about March 28, 2012.
If you have suffered a net loss from investment in CafePress, Inc. common stock purchased pursuant and/or traceable to the Company's IPO, and held through the revelation of negative information on July 30, 2012, as described below, at no cost to you, 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 hoffman@browerpiven.com , 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 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 Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants' failure to disclose in the Registration Statement and/or Prospectus, issued in connection with the IPO that the Company was being negatively impacted by known trends affecting its small shop customers. According to the Complaint, following the Company's July 30, 2012 disclosure that there has been a trend of increased complexity and competitiveness in the marketplace, negatively impacting its small shop customers and that because of this trend, the Company had been building up its larger shop business to replace the erosion of smaller shop revenue, the value of CafePress shares 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 Stevenson, Maryland 410/415-6616
