Ramius Comments on CPI Corp.’s Continuing Campaign of False & Misleading Statements in Support of the Election of Its Slate...
02 July 2009 - 10:15PM
Business Wire
RCG Starboard Advisors, LLC, a subsidiary of Ramius LLC
(collectively, �Ramius�), today issued the statement below
concerning the continuing campaign of false and misleading
statements by CPI Corp. (NYSE:CPY) and its Chairman, David Meyer,
in support of the election of management�s slate of director
nominees at the July 8, 2009 Annual Meeting. Ramius, which owns
approximately 23% of CPY�s outstanding common stock, is seeking the
election of two nominees to the six member Board of Directors at
the Annual Meeting: Peter A. Feld, a Ramius executive who is a
current CPY Director, and Joseph C. Izganics, a former senior
executive at Home Depot.
�It has become increasingly clear to us that CPY and its
management, including Chairman of the Board David Meyer, will say
anything in order to win the director contest at next Wednesday�s
Annual Meeting. Shareholders have told us that Mr. Meyer, among
other things, has told them that the Ramius nominees are seeking to
oust current management and that Ramius is seeking to force the
sale of CPY. These statements, which come on the heels of CPY�s
demonstrably false statement that a Ramius representative on the
Board had voted to approve Mr. Meyer�s 2007 compensation, are
simply, categorically false.
�We urge any shareholder who has any question about any
statements made by CPY or Ramius or would like to discuss the
situation at CPY to call Peter Feld at (212) 201-4878.�
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