Key Developments: VeriFone Systems Inc (PAY)
23.00USD
22 May 2013
$-0.05 (-0.22%)
$23.05
$23.03
$23.44
$22.81
1,881,461
4,007,434
$47.82
$17.93
Latest Key Developments (Source: Significant Developments)
Levi & Korsinsky Notifies Investors With Losses On Their Investment In Verifone Systems Inc Of Class Action Lawsuit And The Deadline Of May 6, 2013 To Seek A Lead Plaintiff Position
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased VeriFone Systems Inc stock between December 14, 2011 and February 19, 2013.The complaint alleges that throughout the Class Period, Defendants failed to disclose that: the Company did not properly execute its plan to move to a more subscriptions-based service model; past acquisitions had masked the Company's sharply declining revenue base; the Company was inappropriately recognizing revenues from distributors in periods where such revenues should have been deferred; the Company lacked adequate internal and financial controls; and as a result of the above, the Company's financial statements were materially false and misleading at all relevant times. Full Article
VeriFone Systems Inc Secures Two-Year Contract
VeriFone Systems Inc announced it has been awarded a two-year contract to provide managed services for as many as 100,000 POS payment devices operated by ChinaPnR, is in China's electronic payment industry. Under the agreement, ChinaPnR is outsourcing the management of increasingly complex payment devices to VeriFone so it can better focus on its core business. VeriFone is providing installation, training, and maintenance services for all existing payment devices and new installations over the course of the agreement. The agreement builds on VeriFone`s previous relationship providing operation and maintenance services for ChinaPnR`s air travel business units in 2012. China PNR provides payment services to customers in the air-ticketing, commercial distribution, digital entertainment and other markets, with an annual settlement amount exceeding hundreds of billions Yuan. Full Article
Saxena White P.A. Files Securities Fraud Class Action Against VeriFone Systems Inc
Saxena White P.A. announced that it has filed a securities fraud class action lawsuit in the United States District Court for the Northern District of California against VeriFone Systems Inc (VeriFone or the Company) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from December 14, 2011 through February 20, 2013 (the Class Period). The complaint brings claims for violations of the Securities Exchange Act of 1934. The filed complaint alleges that VeriFone held itself out to the public as a Company achieving steady and consistent growth, beating analysts' forecasts every quarter for more than two years. In order to propagate this image, Defendants made a series of false and/or misleading statements regarding VeriFone's growth and revenues, concealing that: the Company was encountering serious problems in transitioning to an increasingly subscriptions-based service model; VeriFone used past acquisitions to mask its declining revenue base; the Company inappropriately recognized revenues from distributors during periods where such revenues should have been deferred; the Company lacked adequate internal and financial controls; and as a result of the above, the Company's financial statements were materially false and misleading at all relevant times. Full Article
Law Offices of Todd M. Garber Announces Investigation Of VeriFone Systems Inc
The Law Offices of Todd M. Garber announced that it is investigating potential claims against VeriFone Systems Inc concerning possible violations of federal securities laws. VeriFone designs, markets and services electronic payment solutions worldwide. The investigation is related to allegations that between December 14, 2011 and February 19, 2013 the Company and certain of its executive officers issued false and misleading statements or failed to disclose that: (a) the Company failed to execute its plan to move to a more subscriptions-based service model; (b) past acquisitions masked what was happening at the Company; (c) VeriFone’s accounting recognition was overly aggressive; (d) VeriFone lacked adequate internal and financial controls; and (e) as a result, the Company’s financial statements were materially false and misleading at all relevant times. On February 20, 2013 VeriFone announced that it expected first quarter adjusted earnings to be between $0.47 and $0.57 per share on revenue of $424 million – well below analysts’ profit forecast of $0.73 per share on revenue of $492 million. The Company also announced a new revenue recognition policy which prevented it from recognizing that quarter’s revenues from distributors in the Middle East and Africa. Full Article
Lifshitz Law Firm Announces Investigation Of VeriFone Systems Inc
Lifshitz Law Firm announced that a class action suit was filed in the United States District Court for the Northern District of California, alleging that VeriFone Systems Inc issued false and misleading statements to investors between December 14, 2011 and February 19, 2013 ("Class Period") by failing to adequately disclose (i) the Company did not properly execute its plan to move to a more subscriptions-based service model; (ii) past acquisitions had masked the Company's sharply declining revenue base; (iii) the Company was inappropriately recognizing revenues from distributors in periods where such revenues should have been deferred; and (iv) the Company lacked adequate internal and financial controls. The firm is investigating legal claims against the officers and Board of Directors of VeriFone during the Class Period. Full Article
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against VeriFone Systems Inc
Law Offices of Howard G. Smith announced that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all purchasers of the common stock of VeriFone Systems Inc between December 14, 2011 and February 19, 2013, inclusive (the Class Period). The Complaint alleges that: (a) the Company failed to execute its plan to move to a more subscriptions-based service model; (b) past acquisitions masked what was happening at the Company; (c) VeriFone’s accounting recognition was overly aggressive; (d) VeriFone lacked adequate internal and financial controls; and (e) as a result, the Company’s financial statements were materially false and misleading at all relevant times. On February 20, 2013 VeriFone announced that it expected first quarter adjusted earnings to be between $0.47 to $0.57 per share on revenue of $424 million – well below analysts’ profit forecast of $0.73 per share on revenue of $492 million. The Company also announced a new revenue recognition policy which prevented it from recognizing that quarter’s revenues from distributors in the Middle East and Africa. Full Article
Harwood Feffer LLP Announces Investigation Of VeriFone Systems Inc
Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of VeriFone Systems Inc, concerning whether the board has breached its fiduciary duties to shareholders. The investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing. Full Article
Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In Class Action Lawsuit Against VeriFone Systems Inc
Glancy Binkow & Goldberg LLP announced that purchasers of the common stock of VeriFone Systems, Inc. (VeriFone or the Company) between December 14, 2011 and February 19, 2013, inclusive (the Class Period), have until May 6, 2013 to file a motion with the Court to be appointed as lead plaintiff. The shareholder lawsuit was filed in the United States District Court for the Northern District of California. VeriFone designs, markets and services electronic payment solutions worldwide. The complaint alleges that: (a) the Company failed to execute its plan to move to a more subscriptions-based service model; (b) past acquisitions masked what was happening at the Company; (c) VeriFone`s accounting recognition was overly aggressive; (d) VeriFone lacked adequate internal and financial controls; and (e) as a result, the Company`s financial statements were materially false and misleading at all relevant times. On February 20, 2013 VeriFone announced that it expected first quarter adjusted earnings to be between $0.47 to $0.57 per share on revenue of $424 million - well below analysts` profit forecast of $0.73 per share on revenue of $492 million. The Company also announced a new revenue recognition policy which prevented it from recognizing that quarter`s revenues from distributors in the Middle East and Africa. Full Article
Pomerantz Grossman Hufford Dahlstrom & Gross LLP Reminds Shareholders With Losses On Their Investment In VeriFone Systems Inc Of Class Action Lawsuit And Upcoming Deadline
Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it has filed a class action lawsuit against VeriFone Systems, Inc. (VeriFone or the Company) and certain of its officers. The class action filed in United States District Court, Northern District of California, and docketed under C 13 1038, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of VeriFone between December 14, 2011 and February 19, 2013, both dates inclusive (the Class Period). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Complaint alleges that throughout the Class Period, Defendants issued a series of materially false and misleading statements regarding the Company's revenues and operations, by failing to disclose that: the Company did not properly execute its plan to move to a more subscriptions-based service model; past acquisitions had masked the Company's sharply declining revenue base; the Company was inappropriately recognizing revenues from distributors in periods where such revenues should have been deferred; the Company lacked adequate internal and financial controls; and as a result of the above, the Company's financial statements were materially false and misleading at all relevant times. Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against VeriFone Systems Inc
Glancy Binkow & Goldberg LLP announced that a class action lawsuit has been filed in the United States District Court, Northern District of California on behalf of all purchasers of the common stock of VeriFone Systems Inc between December 14, 2011 and February 19, 2013, inclusive (the Class Period). The complaint alleges that: (a) the Company failed to execute its plan to move to a more subscriptions-based service model; (b) past acquisitions masked what was happening at the Company; (c) the Company`s accounting recognition was overly aggressive; (d) the Company lacked adequate internal and financial controls; and (e) as a result, the Company`s financial statements were materially false and misleading at all relevant times. On February 20, 2013, the Company announced that it expected first quarter adjusted earnings to be between $0.47 to $0.57 per share on revenue of $424 million - well below analysts' profit forecast of $0.73 per share on revenue of $492 million. The Company also announced a new revenue recognition policy which prevented it from recognizing revenues that quarter from distributors in the Middle East and Africa. On February 21, 2013, VeriFone shares declined $13.65 per share, or nearly 43%, to close on February 21, 2013, at $18.24 per share, on extremely heavy trading volume. Full Article
VeriFone says CEO to step down
- VeriFone Systems Inc , a maker of credit card swipe machines, said Chief Executive Douglas Bergeron will step down after more than a decade at the company's helm.
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