Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against VeriFone
LOS ANGELES -- March 13, 2013
Glancy Binkow & Goldberg LLP announces that a 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”) (NYSE:PAY) 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.
No class has yet been certified in this action. Until a class is certified,
you are not represented by counsel unless you retain one. If you purchased
VeriFone common stock during the Class Period, you have certain rights, and
have until May 6, 2013 to move for lead plaintiff status. To be a member of
the class you need not take any action at this time, and you may retain
counsel of your choice. If you wish to discuss this action or have any
questions concerning your rights or interests with respect to these matters,
please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP,
1925 Century Park East, Suite 2100, Los Angeles, California 90067, telephone:
310-201-9150, Toll-Free: 888-773-9224, e-mail: firstname.lastname@example.org, or
visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP
310-201-9150 or 888-773-9224
Press spacebar to pause and continue. Press esc to stop.