VeriFone Says CEO Was Subject of Trading Inquiry, Now Concluded
Stock Chart for VeriFone Systems Inc (PAY)
VeriFone Systems Inc. (PAY) said Chief Executive Officer Douglas Bergeron’s trading was the subject of inquiries by the U.S. Attorney and Securities and Exchange Commission, which ended their probes without action.
Following a story in the Wall Street Journal, the company received a subpoena from the U.S. Attorney’s Office for the Southern District of New York regarding Bergeron’s trading of VeriFone stock during a specific time frame, according to a regulatory filing today. VeriFone, the largest maker of credit- card terminals, also got a request for information from the staff of the SEC, the company said in the filing.
The San Jose, California-based company said it cooperated with the inquiries and provided information to support its view that Bergeron’s actions were in compliance with all laws and regulations, as well as VeriFone’s own trading policies.
“Based on recent communications, the company understands that the U.S. Attorney’s Office and the SEC have concluded their inquiries,” VeriFone wrote in the filing. “No claim, action or other proceeding was asserted by either authority and the company believes this matter to be concluded.”
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