Attention NYSE:PAY Investors: Lawsuit against Directors of VeriFone Systems Inc filed
The Shareholders Foundation announces that an investor, who currently holds NYSE:PAY shares, filed a lawsuit against certain VeriFone Systems directors alleging the company's "Massive accounting fraud" cost shareholders a substantial amount of money.
San Jose, CA based VeriFone Systems, Inc., formerly VeriFone Holdings, Inc., is a holding company for VeriFone, Inc. , that is engaged in the secure electronic payment solutions
Investors who purchased shares of VeriFone Systems Inc (NYSE:PAY) prior to 2007 and currently hold any of those NYSE:PAY shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The lawsuit against certain directors over alleged breaches of fiduciary duties comes after a lawsuit filed against VeriFone Systems Inc ("the company") over alleged securities laws. The plaintiff in that lawsuit alleges that December 14, 2011 and February 19, 2013, Defendants issued a series of allegedly 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, that the company past acquisitions had masked its sharply declining revenue base, that the company was inappropriately recognizing revenues from distributors in periods where such revenues should have been deferred, that the company lacked adequate internal and financial controls, and that as a result of the above, the company’s financial statements were allegedly materially false and misleading at all relevant times.
On February 20, 2013, the company announced certain preliminary financial results for its first fiscal quarter of 2013.
NYSE:PAY shares declined from $32.13 per share on Feb. 20, 2013, to $18.01 per share on February 21, 2013.
On June 17, 2013, NYSE:PAY shares closed at $15.75 per share, which is less than half its current 52 week High.
Those who purchased shares of VeriFone Systems Inc (NYSE:PAY) prior to 2007 and currently hold any of those NYSE:PAY shares, have certain options and should contact the Shareholders Foundation.
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