SHAREHOLDER ALERT: Levi & Korsinsky Notifies Investors With Losses on Their
Investment in VeriFone Systems, Inc. of Class Action Lawsuit and the Deadline
of May 6, 2013 to Seek a Lead Plaintiff Position -- PAY
NEW YORK, April 3, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a
class action lawsuit has been commenced in the United States District Court
for the Northern District of California on behalf of investors who purchased
VeriFone Systems, Inc. ("VeriFone" or the "Company") (NYSE:PAY) stock between
December 14, 2011 and February 19, 2013.
For more information, click here: http://zlk.9nl.com/verifone-systems-pay/.
The complaint alleges that throughout the Class Period, Defendants failed to
disclose that: (a) the Company did not properly execute its plan to move to a
more subscriptions-based service model; (b) past acquisitions had masked the
Company's sharply declining revenue base; (c) the Company was inappropriately
recognizing revenues from distributors in periods where such revenues should
have been deferred; (d) the Company lacked adequate internal and financial
controls; and (e) as a result of the above, the Company's financial statements
were materially false and misleading at all relevant times.
On February 20, 2013, the Company announced a new revenue recognition policy
which prevented it from recognizing revenues from distributors in the Middle
East and Africa that quarter. Shares of VeriFone stock fell $13.65 to a close
of $18.24 per share the following day.
If you suffered a loss in VeriFone you have until May 6, 2013to request that
the Court appoint you as lead plaintiff.Your ability to share in any recovery
doesn't require that you serve as a lead plaintiff. To obtain additional
information, contact Joseph E. Levi, Esq. either via email at email@example.com or
by telephone at (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and
Washington D.C. The firm has extensive expertise in prosecuting securities
litigation involving financial fraud, representing investors throughout the
nation in securities and shareholder lawsuits. Attorney advertising. Prior
results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (866) 367-6510
Press spacebar to pause and continue. Press esc to stop.