Glancy Binkow & Goldberg LLP - Representing Investors Who Purchased Heartland Payment Systems, Inc. - Announces an Expanded Class Period in the Shareholder Lawsuit

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Tue Apr 7, 2009 6:45pm EDT

LOS ANGELES--(Business Wire)--
Glancy Binkow & Goldberg LLP - representing shareholders of Heartland Payment
Systems, Inc. - announces the expansion of the Class Period to include all
persons or entities who purchased or otherwise acquired the common stock of
Heartland Payment Systems, Inc. ("Heartland" or the "Company") (NYSE:HPY),
between February 13, 2008 and February 23, 2009, inclusive (the "Class Period").


If you wish to receive a copy of the Complaint, or have any questions concerning
your rights or interests with respect to these matters, please contact Glancy
Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles,
California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224,
or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com. 

The Complaint alleges that throughout the Class Period defendants made false
and/or misleading statements, and failed to disclose material adverse facts
about the Company's business, operations and prospects. Specifically, defendants
misrepresented or failed to disclose: (1) that the Company`s safety and security
measures designed to protect consumers` financial records and data from security
breaches were inadequate and ineffective; (2) that the Company`s payment
processing system had been infected with malware as early as May 2008; (3) that
defendants were made aware of a potential breach of Heartland`s payment
processing network; (4) that, as a result of the above, the Company faced
liabilities associated with the breach and increasing costs associated with
implementing appropriate security measures; (5) that, as a result of the
foregoing, the Company was at risk of losing customers; and (6) that the Company
lacked adequate internal controls. 

On January 20, 2009, Heartland revealed that the Company`s payment processing
network had been breached by malicious software, exposing tens of millions of
debit cardholders to fraud. As consumers used their debit cards, so-called
"sniffer software" had been capturing, among other things, card numbers,
expiration dates and cardholder names. According to an article published that
same day in The New York Times, the breach occurred as early as May 2008. 

On this news, shares of Heartland declined $1.26 per share, or 8.16%, to close
on January 20, 2009, at $14.18 per share, on unusually heavy volume. Over the
next two days, shares of Heartland further declined $6.00 per share, or an
additional 42.31%, to close on January 22, 2009 at $8.18 per share. 

On February 24, 2009, Heartland again shocked investors when it reported
earnings for the 2008 fiscal year and fourth quarter. The Company posted a
lower-than-expected quarterly profit and disclosed that it might incur losses
from the recent security breach of its system and that the Company could not
estimate the amount of losses that might be incurred in connection with the
security breach. 

On this news, shares of Heartland declined $2.31 per share, or 30.12%, to close
on February 24, 2009, at $5.34 per share, on unusually heavy volume. During the
Class Period, shares of Heartland`s common stock declined $21.84 per share, or
approximately 80%, from its Class Period high of $27.19 per share on September
19, 2008. 

Plaintiff seeks to recover damages on behalf of Class members and is represented
by Glancy Binkow & Goldberg LLP, a law firm with significant experience in
prosecuting shareholder lawsuits, and substantial expertise in actions involving
corporate fraud. 

If you are a member of the Class described above, you may move the Court, not
later than May 5, 2009, to serve as lead plaintiff, however, you must meet
certain legal requirements. If you wish to discuss this action or have any
questions concerning this Notice or your rights or interests with respect to
these matters, please contact Michael Goldberg, Esquire, or Richard A. Maniskas,
Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311,
Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at
(888) 773-9224 or by e-mail to info@glancylaw.com. 





Glancy Binkow & Goldberg LLP, Los Angeles, CA
310-201-9150 or 888-773-9224
Lionel Z. Glancy
Michael Goldberg
Richard A. Maniskas
info@glancylaw.com
www.glancylaw.com



Copyright Business Wire 2009

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