VeriFone Systems, Inc PAY Securities Lawsuit

Company:	VeriFone Systems, Inc
Ticker Symbol:	PAY
Class Period:	Dec-14-11 to Feb-19-13
Date Filed:	Mar-14-13
Lead Plaintiff Deadline:	May-13-13
Court:	Northern District of California
Allegations:

Los Angeles, CA: A securities 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. ("VeriFone" or the "Company") between December 14, 2011 and February 19, 2013, inclusive (the "Class Period").

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) 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.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

VeriFone Systems, Inc PAY Securities Fraud Legal Help

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Published on Mar-14-13