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 email@example.com
San Diego, CA -- (SBWIRE) -- 05/21/2013 -- A lawsuit against directors of VeriFone Systems Inc over alleged breaches of fiduciary duties was filed by an investor, who held NYSE:PAY shares.
If you 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 plaintiff alleged that VeriFone Systems Inc certain directors sold over $10 million in shares at allegedly artificially inflated prices caused by allegedly false and misleading statements and that when the truth was revealed shares of VeriFone Systems Inc declined by over 40%.
The lawsuit against certain directors over alleged breaches of fiduciary duties comes after a lawsuit filed against VeriFone Systems Inc over alleged securities laws.
On February 4, 2013, VeriFone Systems Inc announced the retirement of its Chief Financial Officer, as well as its Vice Chairman, Ellmore Waller. Robert Dykes was named as the Company's new CFO.
VeriFone stock declined $0.87 per share.
Then on February 20, 2013, VeriFone Systems Inc announced certain preliminary financial results for its first fiscal quarter of 2013.
NYSE:PAY shares declined from $32.13 per share on Feb. 20, 2013, to $18.01 per share on February 21, 2013.
On May 20, 2013, NYSE:PAY shares closed at $23.19 per share, which is less than half its current 52 week High of $47.82 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