The group of dissident investors who seized control of CPI Corp. in 2004 appears to be suffering some dissension in its own ranks.

Ramius Capital Group and some of its affiliated funds filed a notice with the SEC this week indicating that they control 26.6 percent of the shares of CPI, a photo studio company based in St. Louis. In 2004,  Ramius backed Knighstpoint Capital Management in a successful proxy fight that ousted most of CPI’s board. Now, however, Ramius says it “ceased to be membes of the Knightspoint Group on February 27, 2009.”

Furthermore, the SEC document says:

The Reporting Persons have engaged in and intend to continue to engage in discussions with management and the Board of Directors of the Issuer (the “Board”) concerning potential changes in the composition of the Board. The Reporting Persons reserve the right to nominate candidates for election to the Board at the 2009 annual meeting of stockholders ….

It sounds like more fireworks are in the offing at this company, which has been a longtime laggard for investors. CPI’s share price has fallen by 82 percent in the past two years.