U.S. Appeals court revives lawsuit over VeriFone restatement

SAN FRANCISCO Fri Dec 21, 2012 1:16pm EST

SAN FRANCISCO Dec 21 (Reuters) - A U.S. appeals court revived a proposed securities class action against VeriFone Systems Inc over a 2007 restatement, ruling that the plaintiff investors properly alleged that VeriFone executives were "reckless" as to the truth of financial reports.

The ruling on Friday came from the 9th U.S. Circuit Court of Appeals in San Francisco.