A lawsuit was filed by a current investor in shares of VeriFone Systems Inc (NYSE:PAY) and current long-term NYSE:PAY stockholders are encouraged to contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 06/11/2013 -- An investor, who currently holds NYSE:PAY shares, filed a lawsuit against certain VeriFone Systems directors alleging Verifone Systems' "Massive accounting fraud" cost shareholders a substantial amount of money.
Investors who purchased shares of VeriFone Systems Inc (NYSE:PAY) prior to 2007 and currently hold any of those NYSE:PAY shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The lawsuit against certain directors over alleged breaches of fiduciary duties comes after a lawsuit filed against VeriFone Systems Inc over alleged securities laws. The plaintiff in that lawsuit alleges that December 14, 2011 and February 19, 2013, Defendants issued a series of allegedly materially false and misleading statements regarding VeriFone Systems’ revenues and operations, by failing to disclose that VeriFone Systems did not properly execute its plan to move to a more subscriptions-based service model, that VeriFone Systems past acquisitions had masked its sharply declining revenue base, that VeriFone Systems was inappropriately recognizing revenues from distributors in periods where such revenues should have been deferred, that VeriFone Systems lacked adequate internal and financial controls, and that as a result of the above, VeriFone Systems’ financial statements were allegedly materially false and misleading at all relevant times.
On February 20, 2013, VeriFone Systems Inc announced certain preliminary financial results for its first fiscal quarter of 2013.
NYSE:PAY shares declined from almost $36 per share in January 2013 to as low as $17.09 per share on June 7, 2013.
On June 10, 2013, NYSE:PAY shares closed at $17.16 per share.
Those who purchased shares of VeriFone Systems Inc (NYSE:PAY) prior to 2007 and currently hold any of those NYSE:PAY shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego