Key Developments: VeriFone Systems Inc (PAY)

PAY on New York Consolidated

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17 Apr 2014
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Latest Key Developments (Source: Significant Developments)

VeriFone Systems Inc gives Q2 2014 EPS guidance; revenue guidance above analysts' estimates; raises FY 2014 revenue guidance; updates on FY 2014 EPS guidance
Tuesday, 11 Mar 2014 04:00pm EDT 

VeriFone Systems Inc:Expects Q2 2014 non-GAAP net revenues of $440 million to $445 million.Expects Q2 2014 non-GAAP net income per diluted share of $0.30 to $0.32.Expects FY 2014 non-GAAP net revenues of $1.780 billion to $1.810 billion.Expects FY 2014 non-GAAP net income per diluted share of $1.40.Q2 2014 revenue of $439 million and EPS of $0.31 - Thomson Reuters I/B/E/S.FY 2014 revenue of $1.788 billion and EPS of $1.39 - Thomson Reuters I/B/E/S.  Full Article

VeriFone Systems Inc gives Q1, FY 2014 guidance; EPS guidance below analysts' estimates
Tuesday, 17 Dec 2013 04:01pm EST 

VeriFone Systems Inc:Says Q1 2014 non-GAAP net revenues of $425 mln to $430 mln.Says Q1 Non-GAAP net income per diluted share of $0.26.Says FY 2014 Non-GAAP net revenues of $1.77 bln to $1.80 bln.Says FY 2014 Non-GAAP net income per diluted share of $1.35 to $1.40.Q1 2014 revenue of $428 mln and EPS of $0.32 - Thomson Reuters I/B/E/S Estimates.FY 2014 revenue of $1.79 bln and EPS of $1.56 - Thomson Reuters I/B/E/S Estimates.  Full Article

VeriFone Systems Inc Names Paul Galant Chief Executive Officer
Monday, 23 Sep 2013 04:30pm EDT 

VeriFone Systems Inc announced that it has appointed Paul Galant Chief Executive Officer (CEO) and Member of the Board of Directors, effective October 1, 2013.  Full Article

VeriFone Systems Inc Issues Q4 2013 Guidance Above Analysts' Estimates
Thursday, 5 Sep 2013 04:00pm EDT 

VeriFone Systems Inc announced that for the fourth quarter of 2013, it expects Non-GAAP net revenues of $418 million to $422 million and Non-GAAP net income per diluted share of $0.25. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $412 million and EPS of $0.50 for the fourth quarter of 2013.  Full Article

VeriFone Systems Inc Issues Q3 2013 Guidance Below Analysts' Estimates; Comments On Q4 2013 Guidance
Wednesday, 5 Jun 2013 04:01pm EDT 

VeriFone Systems Inc announced that for the third quarter of 2013, it expects Non-GAAP net revenues of approximately $400 million and Non-GAAP net income per diluted share of approximately $0.20. For the fourth quarter of 2013, it expects modest sequential increases in non-GAAP net revenues and non-GAAP net income per diluted share. . According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $460 million and EPS of $0.50 for the third quarter of 2013; revenue of $476 million and EPS of $0.53 for the fourth quarter of 2013.  Full Article

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
Tuesday, 23 Apr 2013 03:32pm EDT 

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
Tuesday, 23 Apr 2013 08:00am EDT 

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
Monday, 15 Apr 2013 10:24am EDT 

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
Friday, 12 Apr 2013 09:02pm EDT 

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
Tuesday, 9 Apr 2013 07:14pm EDT 

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

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Analysis: After Target hack, Verifone smart card readers could shine

NEW YORK - A data breach at Target Corp that exposed the credit card information of tens of millions of holiday shoppers was a major black eye for the retailer. In its wake, investors and analysts are circling companies that could benefit from a major upgrade in credit card technology.

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