NEW YORK, April 4, 2013 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Verifone Systems, Inc. ("Verifone" or the "Company") (NYSE: PAY), concerning whether the board has breached its fiduciary duties to shareholders.
The Company may have been inappropriately recognizing revenue from customers in the Middle East and Africa. On February 20, 2013, the Company announced a new revenue recognition policy related to overseas revenues. Under this new revenue recognition policy, a number of shipments during the first quarter of 2013 failed to meet revenue recognition requirements.
On the news of the new policy, Company stock dropped from $31.89 at close on February 20, 2013 to $18.24 per share at close on February 21, 2013.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Verifone shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Matthew M. Houston, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP