Investor in VeriFone Systems Inc, who purchased NYSE:PAY shares prior to 2007, should act

The Shareholders Foundation announces that a lawsuit against directors of VeriFone Systems Inc over alleged breaches of fiduciary duties was filed by an investor, who held NYSE:PAY shares.

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 plaintiff alleged that certain directors sold over $10 million in shares at allegedly artificially inflated prices caused by allegedly false and misleading statements and that when the truth was revealed shares NYSE:PAY declined by over 40%.

The lawsuit against certain directors over alleged breaches of fiduciary duties comes after a lawsuit filed against VeriFone Systems Inc over alleged securities laws.

On February 4, 2013, VeriFone Systems Inc announced the retirement of its Chief Financial Officer, as well as its Vice Chairman, Ellmore Waller. Robert Dykes was named as the Company’s new CFO.

VeriFone stock declined $0.87 per share.

Then on February 20, 2013, VeriFone Systems Inc 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 May 28, 2013, NYSE:PAY shares closed at $23.15 per share, which is less than half its current 52 week High of $47.82 per share.

Those who purchased shares of NYSE:PAY prior to 2007 and currently hold any of those NYSE:PAY shares, have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Posted by on May 29 2013. All trademarks acknowledged. Filed under Press Release. Comments and Trackbacks closed. Follow responses: RSS 2.0

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