DALLAS, Jan. 16, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of CPI Corp. CPY related to potential securities violations between April 20, 2010 and December 21, 2011 (the "Class Period").

(Logo: http://photos.prnewswire.com/prnh/20111111/DA05320LOGO)

If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com.  There is no cost or fee to you.

CPI and certain of its officers and directors were recently charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, a recent complaint filed alleges that defendants' knew but concealed the following facts from the investing public during the Class Period: (a) CPI's business was performing much worse than defendants acknowledged and was deteriorating; (b) CPI's initiatives to grow the business were not working at the levels represented by defendants; (c) CPI's stock was not a "good investment" and the company's stock buy-back was intended solely to project false confidence in the company's prospects; and (d) CPI's cash flows would continue to deteriorate due to poor revenue growth such that CPI's capital structure was not as strong as defendants represented.

As a result of defendants' false statements, CPI stock traded at artificially inflated prices during the Class Period, reaching a high of $31.91 per share on May 12, 2010.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

SOURCE Powers Taylor, LLP