Lawsuit Overview
Settlement Overview
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August 23, 2012 - The court amended revised the approval of the settlement.
August 10, 2012 - The court approved the settlement.
April 9, 2012 - The court preliminarily approved the settlement.
February 17, 2012 - Parties filed a stipulation of settlement.
July 15, 2011 - Defendants filed a motion to dismiss.
June 17, 2011 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Coinstar Inc (NASDAQ: CSTR) common shares between October 29, 2010 and February 3, 2011. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 29, 2010 and February 3, 2011.
April 19, 2011 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
March 25, 2011 - Lead plaintiff motions were filed.
January 24, 2011 - An investor in shares of Coinstar Inc (NASDAQ: CSTR) filed a lawsuit in in the U.S. District Court for the Western District of Washington in response to the recent stock drop of more than 25%. The plaintiff alleges Coinstar Inc and others violated Federal Securities Laws between October 28, 2010 and January 13, 2011.
According to the class action complaint the plaintiff alleges on behalf of purchasers of Coinstar Inc common stock between October 28, 2010 and January 13, 2011 that Coinstar Inc and certain of its Officers violated the Securities Exchange Act of 1934 by making between October 28, 2010 and January 13, 2011 a series of materially false and misleading statements related to the Company's business and operations.
Coinstar Inc’s 12 months Total Revenue went from $534.44million in 2006 to $1,144.79million in 2009. Its Net Income went from $18.63million in 2006 to $53.64million in 2009. For the first three quarters in 2010 Coinstar Inc reported a combined 9months Total Revenue of $1,045.67million with a combined 9months Net Income of $39.31million. Shares of Coinstar Inc traded during 2006 as low as $21.90 per share and increased throughout 2007 to $34.49 per share. During 2008 CSTR shares continued to increase to as high as $38.10 per share in May 08 before falling to as low as $17.29 in December 08. During 2009 and 2010 CSTR shares were able to regain value and traded in November 2010 as high as $66.72 per share. Then on January 13, 2011 after the market closed Coinstar Inc reported results for the fourth quarter and full year 2010 and lowered its guidance. Investors first learned that Coinstar Inc would earn as little as $0.65 per share for the quarter on revenues of only $391 million, and not the analysts consensus estimate of $0.84 per share, on revenues of $427 million. Shares of Coinstar Inc fell almost 30% from $57.60 on Jan 13, 2011 to $41.50 per share on Jan 14, 2011.