Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against VeriFone Systems, Inc.
Glancy Binkow & Goldberg LLP announces that 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”), have until May 6, 2013 to file a motion with the Court to be
appointed as lead plaintiff. The shareholder lawsuit was filed in the
United States District Court for the Northern District of California.
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) VeriFone’s
accounting recognition was overly aggressive; (d) VeriFone 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 VeriFone 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 that quarter’s
revenues from distributors in the Middle East and Africa.
If you purchased VeriFone common stock during the Class Period, you have
until May 6, 2013 to move the Court to serve as lead plaintiff; however,
you must meet certain legal requirements. To be a member of the Class
you need not take action at this time; you may retain counsel of your
choice or take no action and remain an absent Class member. To learn
more about this action, or if you have any questions concerning this
Notice or 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, by
telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
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