Press release from Business Wire
Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Coinstar, Inc.
Friday, February 04, 2011
Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Coinstar, Inc.21:01 EST Friday, February 04, 2011 WAYNE, Pa. (Business Wire) -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/cstr) announces that a class action lawsuit has been filed in the United States District Court for the Western District of Washington on behalf of purchasers the securities of Coinstar, Inc. (“Coinstar” or the “Company”) (NASDAQ: CSTR) between October 28, 2010 and January 13, 2011, inclusive (the “Class Period”). For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/cstr. The complaint alleges violations of the Securities Exchange Act of 1934 against Coinstar and certain of its officers and executives. During the Class Period, Coinstar failed to disclose that customers were buying fewer DVDs per purchase; poor inventory management and controls resulted in the Company removing material amounts of old inventory early in 4Q; lower sales of more expensive "Blue-ray" DVDs and poor title selection was resulting in lower overall sales; the 28-day delay movie studios imposed on Coinstar was adversely affecting sales; and competition from online video streaming providers such as Netflix was having a significant adverse impact on revenue. On January 13, 2011, defendants reported results for the fourth quarter and full year 2010. Therein, defendants disclosed that the Company would earn as little as $.65 per share for the quarter on revenues of only $391 million, and not the analysts consensus estimate of $.84 per share, on revenue of $427 million. On this news, shares of Coinstar, on January 14, 2011, fell roughly 30% to close at $41.50 per share on heavy volume. If you are a member of the class, you may, no later than March 25, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action. For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/cstr, or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at email@example.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com. Ryan & Maniskas, LLPRichard A. Maniskas, Esquire877firstname.lastname@example.org/cases/cstr