Bronstein, Gewirtz & Grossman, LLC Announces Investigation of VeriFone Systems, Inc.

    Bronstein, Gewirtz & Grossman, LLC Announces Investigation of VeriFone
                                Systems, Inc.

PR Newswire

NEW YORK, Feb. 25, 2013

NEW YORK, Feb. 25, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein,
Gewirtz & Grossman, LLC is investigating potential claims on behalf of
purchasers of the securities of VeriFone Systems, Inc. ("VeriFone" or the
"Company") (NYSE: PAY). The investigation focuses on whether the Company and
its executives violated federal securities laws.

On February 21, 2013, shares of VeriFone fell to $17.93, their lowest in
nearly three years. Deutsche Bank, in client note, said that the company had
finally admitted it had failed to execute on its plan to move to a more
subscriptions-based service model. In addition the brokerage firm said that
past acquisitions had masked what was happening at the company and that it had
long been wary of VeriFone's "aggressive accounting recognition." Deutsche
alleged that the recent CFO retirement/resignation and the first-quarter
revenue recognition requirements may suggest possible accounting red flags in
prior quarters. Andrew Jeffrey, a SunTrust Robinson Humphrey analyst said,
"Management credibility has been lost."He added, "Market share losses are
deeper and more persistent thanwe had previously believed."Other analysts
rejected the Company's argument that it came from the weak economy when the
global economy has had far less of an impact on VeriFone's competitors such as
NCR Corp. or Micros Systems. 

If you are aware of any facts relating to this investigation, or purchased
shares of VeriFone, you can assist this investigation by contacting either
Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at
212-697-6484 or via email Those who inquire by e-mail are
encouraged to include their mailing address and telephone number.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our
primary expertise is the aggressive pursuit of litigation claims on behalf of
our clients. In addition to representing institutions and other investor
plaintiffs in class action security litigation, the firm's expertise includes
general corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not guarantee similar

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484

SOURCE Bronstein, Gewirtz & Grossman, LLC
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