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Verifone Stock Declines Nearly 43% Following Announcement of the Company's Financial Results for First Fiscal Quarter Ended



  Verifone Stock Declines Nearly 43% Following Announcement of the Company's
  Financial Results for First Fiscal Quarter Ended January 31, 2013: Robbins
          Arroyo LLP Investigates on Behalf of Verifone Shareholders

PR Newswire

SAN DIEGO and SAN JOSE, Calif., March 15, 2013

SAN DIEGO and SAN JOSE, Calif., March 15, 2013 /PRNewswire/ -- Shareholder
rights firm Robbins Arroyo LLP is investigating whether officers and directors
of Verifone Systems, Inc. (NYSE: PAY) breached their fiduciary duties to
shareholders in making materially false and misleading statements regarding
the company's business, operational, and compliance policies. 

(Logo:  http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)

Robbins Arroyo LLP Investigates Potential Improper Public Statements After
Verifone Reports Poor Financial Results for First Fiscal Quarter Ended January
31, 2013

After market closed on February 20, 2013, Verifone issued a press release
announcing preliminary financial results for the first quarter ended January
31, 2013, disclosing results that, for the first time in two years, failed to
beat analysts' estimates.  Analysts were alarmed by the disappointing results
and voiced strong skepticism regarding the company's explanation.  On the news
of its disappointing financial results, Verifone's stock declined $13.65 per
share, or nearly 43%, to close at $18.24 per share on February 21, 2013. 
     

In light of this news, Robbins Arroyo is investigating whether Verifone's
financial reporting for fiscal years 2011 and 2012 may have been false and
misleading because it disregarded several factors, including: (i) Verifone did
not properly execute its plan to move to a more subscription-based service
model; (ii) past acquisitions had masked Verifone's declining revenue base;
(iii) Verifone inappropriately recognized revenues in periods where they
should have been deferred; and (iv) Verifone lacked adequate internal and
financial controls.

Further, company insiders may have been personally motivated to cause Verifone
to issue the false and misleading statements in order to benefit from the sale
of Verifone securities from their personal portfolio.  Indeed, during the time
of the misrepresentations, company insiders sold 247,805 Verifone shares
totaling more than $11 million.  

Robbins Arroyo LLP highlights that Verifone shareholders have the option to
pursue a shareholder derivative action through which shareholders aim to hold
insider wrongdoers accountable for their actions, prevent future misconduct,
and bring long-term value back to the company.  Concerned shareholders who
would like more information about their rights and potential remedies can
contact attorney Darnell R. Donahue at (800) 350-6003,
DDonahue@robbinsarroyo.com, or via the shareholder information form on the
firm's website.

Robbins Arroyo LLP is a nationally recognized leader in securities litigation
and shareholder rights law.  The firm represents individual and institutional
investors in shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.  For more information, please
go to http://www.robbinsarroyo.com.  

Press release link:
http://www.robbinsarroyo.com/shareholders-rights-blog/verifone/

Attorney Advertising. Past results do not guarantee a similar outcome.  

Contact:
Darnell R. Donahue
Robbins Arroyo LLP
DDonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com

SOURCE Robbins Arroyo LLP

Website: http://robbinsumeda.com
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