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 firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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