Coinstar CSTR Securities Purchasers File Securities Fraud Class Action Lawsuit Complaint Against Coinstar Over DVD Sales.
A securities fraud class action lawsuit has been filed against Coinstar, Inc. (“Coinstar”), and certain of Coinstar’s officers and executives (collectively “Defendants”) in the United States District Court for the Western District of Washington on behalf of a class consisting of purchasers of Coinstar (NASDAQ symbol: CSTR) securities between October 28, 2010 and January 13, 2011, inclusive (the “Class Period”), alleging that Coinstar and its officers and directors violated federal securities fraud laws, including the Securities Exchange Act of 1934, by failing to disclose, that customers were buying less DVDs, that lower sales of more expensive “Blue-ray” DVDs and poor title selection was resulting in lower overall sales and that the 28-day delay movie studios imposed on Coinstar was adversely affecting sales and that competition from Netflix and other online video streaming providers was having a significant adverse impact on revenue, according to Coinstar securities fraud class action lawsuit news reports.
If You Have Thoughts On The Coinstar Securities Fraud Class Action Lawsuit, Share Your Class Action Comments Below.
It seems a shame that Coinstar had to resort to this and are now facing a class action against them. Not being transparent with involved parties should not be taken lightly.