A lawsuit was filed on behalf of investors in Fidelity National Financial, Inc. (NYSE:FNF) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 03/21/2023 -- An investor, who purchased shares of Fidelity National Financial, Inc. (NYSE: FNF), filed a lawsuit over alleged violations of Federal Securities Laws by Fidelity National Financial, Inc..
Investors who purchased shares of Fidelity National Financial, Inc. (NYSE: FNF) have certain options and for certain investors are short and strict deadlines running. Deadline: May 5, 2023. NYSE: FNF investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Jacksonville, FL based Fidelity National Financial, Inc., provides global e-commerce and payment technologies to financial institutions and businesses and, in recent years, has become the largest processing and payments company in the world. The Company's Merchant Solutions segment, which accounted for approximately 30% of Fidelity National's total revenue in 2021, serves merchants by enabling them to accept, authorize, and settle electronic payment transactions.
On July 31, 2019, Fidelity National Financial, Inc. announced it had completed the acquisition of payments company Worldpay, Inc. ("Worldpay") for $43 billion, which became part of the Fidelity National Merchant Solutions business.
Then on August 4, 2022, when Fidelity National Financial, Inc. announced that its Chief Financial Officer James Woodall planned to "step down."
Then, on November 3, 2022, Fidelity National Financial, Inc. announced disappointing results for the third quarter of 2022, including that profit margins in the Merchant Solutions business "saw continued pressure in the quarter" resulting "in an overall adjusted EBITDA margin contracting 150 points year-on-year."
Finally, on February 13, 2023, Fidelity National Financial, Inc. announced that it would be spinning off Worldpay and recording a goodwill impairment charge of $17.6 billion related to its Merchants Solutions business.
Shares of Fidelity National Financial, Inc. (NYSE: FNF) declined from over $48 per share on March 2022, to as low as $33.25 per share on March 13, 2023.
The plaintiff claims that between February 9, 2021 and February 10, 2023, the Defendants misled investors and/or failed to disclose that the integration of Worldpay was not ahead of schedule, that the integration of Worldpay was not successfully completed between February 9, 2021 and February 10, 2023, that the increases in revenue synergies were not driven by the Worldpay integration, and that as a result, Defendants' positive statements about the Company's financial guidance, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of Fidelity National Financial, Inc. (NYSE: FNF) have certain options and should contact the Shareholders Foundation.
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