A union pension fund charges a St. Louis-based photography company has lied to investors about the company’s financial status.
A St. Louis electrical workers local wants class action status for its lawsuit filed against CPI, Incorporated, which says it has about 3,100 studios nationwide, many of them in Sears and Wal-Mart stores. CPI announced a loss last month of $7.3 million dollars. The announcement led to a 62 percent drop in its shares. The company also has been told by the New York Stock Exchange that it is out of compliance with standards for continued listing on the exchange.