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Copyright (c) 2001
Stanford Law School


VeriFone Holdings, Inc.
Summary: Several class action lawsuits have been filed on behalf of persons who purchased or otherwise acquired securities of VeriFone Holdings, Inc. The complaints allege that VeriFone and certain of its present and former officers violated the Securities Exchange Act of 1934 by issuing materially misleading statements regarding artificially high revenues. Specifically, the complaint alleges that on December 3, 2007, VeriFone announced that it was restating its financial statements for the first three fiscal quarters of 2007, and that the previous statements could no longer be relied upon. In reaction to this news, VeriFone’s share price fell by 45% --or $22 per share -- on nearly 35 times its average trading volume.

A similar, class action complaint has also been filed in the U.S. District Court for the Southern District of Indiana.

On February 5, 2008, the Court issued the Order signed by U.S. District Judge Marilyn Hall Patel consolidating several, similar class actions into Civil Action C 07-6140 MHP. The consolidated action shall be captioned: “In re VeriFone Holdings, Inc. Securities Litigation.” On August 22, 2008, Hon. Marilyn H. Patel named National Elevator Fund as lead plaintiff and Coughlin Stoia Geller Rudman & Robbins LLP as lead counsel in consolidated litigation that consists of nine securities fraud class actions. On October 31, 2008, the lead plaintiff filed a Consolidated Class Action Complaint. The defendants responded by filings motions to dismiss the Consolidated Class Action Complaint on December 31, 2008.

On May 26, 2009, the Court entered the Memorandum and Order signed by Judge Patel granting the defendants’ motion to dismiss with leave to amend. The plaintiffs have thirty days to file an amended complaint. On December 3, 2009, the plaintiff filed a First Amended Consolidated Complaint for Violations of the Federal Securities Laws. On January 19, 2010, the plaintiff again amended the complaint and filed a Second Amended Consolidated Complaint. On March 5, 2010, the defendants filed several motions to dismiss the Second Amended Consolidated Complaint.

On July 3, 2010, the plaintiffs filed a Proposed Third Amended Consolidated Complaint. On September 15, 2010, the plaintiffs filed the Third Amended Consolidated Complaint. The defendants responded by filing motions to dismiss on October 5, 2010.

According to an article dated March 8, 2011, a California federal judge on Tuesday tossed a consolidated securities class action against VeriFone Holdings Inc., saying shareholders had not shown that the company and its officers purposely inflated its income, causing stock prices to drop 46 percent when that information was publicized. Judge Marilyn Hall Patel of the U.S. District Court for the Northern District of California approved the electronic payment services company's motion to dismiss the group of nine class actions.

An Amended Memorandum and Order was filed on March 22, 2011. On April 5, 2011, the plaintiffs filed a Notice of Appeal.

INDUSTRY CLASSIFICATION:
SIC Code: 3578
Sector: Technology
Industry: Office Equipment


COMPANY/ISSUER NAME: VeriFone Holdings, Inc.
COMPANY/ISSUER TICKER: PAY
COMPANY WEBSITE: http://www.verifone.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE
Joel Eichenholtz, et al. v. VeriFone Holdings, Inc., et al.
 COURT: N.D. California  DOCKET NUMBER: 07-CV-6140
 JUDGE NAME: Hon. Marilyn H. Patel
 DATE FILED: 12/04/2007  SOURCE: Notice of Filing
 CLASS PERIOD START: 03/01/2007  CLASS PERIOD END: 11/30/2007
 TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
 PLAINTIFF FIRMS NAMED IN COMPLAINT:
  • Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
      One Liberty Square, Boston, MA, 02109
       (voice) 617.542.8300, (fax) ,
  • Cohen & Malad, LLP
      136 North Delaware - Suite 300, Indianapolis, IN, 46204
       (voice) 317.636.6481, (fax) 317.636.2593,
  • Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
      655 West Broadway, Suite 1900, San Diego, CA, 92101
       (voice) 619.231.1058, (fax) 619.231.7423, info@csgrr.com/
  • Girard Gibbs LLP (San Francisco)
      601 California Street, Suite 1400, San Francisco, CA, 94108
       (voice) 415.981.4800, (fax) 415.981.4846, mail@girardgibbs.com
  • Hagens Berman Sobol Shapiro LLP (Seattle)
      1301 Fifth Avenue, Suite 2900, Seattle, WA, 98101
       (voice) 206-623-7292, (fax) 206-623-0594, info@hagens-berman.com
  • Kahn Gauthier Swick, LLC (NY)
      12 East 41st Street, 12th Floor, New York, NY, 10016
       (voice) 212.920.4310, (fax) 212.696.3730, info@kglg.com
  • Kaplan Fox & Kilsheimer, LLP (San Francisco, CA)
      100 Pine Street, 26th Floor, San Francisco, CA, 94111
       (voice) 415.772.4700, (fax) 415.677.1233, info@kaplanfox.com
  • Klafter & Olsen LLP (Washington)
      1250 Connecticut Ave., N.W. Suite 200, Washington, DC, 20036
       (voice) 202.261.3553, (fax) 202.261.3533, info@klafterolsen.com
  • Lockridge, Grindal, Nauen P.L.L.P.
      Suite 301, 660 Pennsylvania Avenue Southeast, Washington, DC, 20003-4335
       (voice) 202.544.9840, (fax) 202.544.9850,
  • Sarraf Gentile LLP (former NY)
      485 Seventh Avenue, Suite 1005, New York, NY, 10018
       (voice) 212.868.3610, (fax) 212.918.7967,
  • Schatz Nobel Izard P.C.
      One Corporate Center, 20 Church Street , Hartford, CT,
       (voice) 860.493.6292, (fax) 860.493.6290, info@snlaw.net
  • Schiffrin Barroway Topaz & Kessler, LLP (Radnor)
       280 King of Prussia Road, Radnor, PA, 19087
       (voice) 610.667.7706, (fax) 610.667.7056, info@sbtklaw.com
    _____________________________________________
     TOTAL NUMBER OF PLAINTIFF FIRMS:  12

  •  DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
    Class Action Complaint For Violations Of Federal Securities Laws
    Type: Complaint Date on the document: 12/4/2007
    Declaration Of Ashley Kim In Support Of The IBEW Local 363 Pension And Benefit Funds' Motion For Consolidation, Appointment Of Lead Plaintiff And Approval Of Lead Counsel
    Type: Declaration Date on the document: 02/04/2008
    Notice Of Motion And Memorandum Of Law In Support Of The IBEW Local 363 Pension And Benefit Funds' Motion For Consolidation, Appointment Of Lead Plaintiff, And Approval Of Lead Counsel
    Type: Motion Date on the document: 02/04/2008
    Stipulation And Order Consolidating Related Cases
    Type: Order of Consolidation Date on the document: 02/05/2008
    Memorandum and Order; Re: Appointment of Lead Plaintiff and Lead Counsel
    Type: Order Appointing LP/LC Date on the document: 08/22/2008

    REFERENCE COMPLAINT
    In Re: VeriFone Holdings, Inc. Securities Litigation
     COURT: N.D. California  DOCKET NUMBER: 07-CV-06140
     JUDGE NAME: Hon. Marilyn Hall Patel
     DATE FILED: 09/15/2010  SOURCE: Docket
     CLASS PERIOD START: 08/31/2006  CLASS PERIOD END: 04/01/2008
     TYPE OF COMPLAINT: Third Amended and Consolidated
     PLAINTIFF FIRMS NAMED IN COMPLAINT:
  • Coughlin Stoia Geller Rudman & Robbins LLP (San Francisco)
      100 Pine Street, Suite 2600, San Francisco, CA, 94111
       (voice) 415.288.4545, (fax) 415.288.4534,
    _____________________________________________
     TOTAL NUMBER OF PLAINTIFF FIRMS:  1

  •  DOCUMENTS FOR THE REFERENCE COMPLAINT
    Consolidated Complaint For Violations Of The Federal Securities Laws
    Type: Complaint Date on the document: 10/31/2008
    Memorandum & Order
    Type: Order Date on the document: 05/26/2009
    First Amended Consolidated Complaint for Violations of the Federal Securities Laws
    Type: Complaint Date on the document: 12/03/2009
    Second Amended Consolidated Complaint For Violations Of The Federal Securities Laws
    Type: Complaint Date on the document: 01/19/2010
    Second Amended Consolidated Complaint For Violations Of The Federal Securities Laws
    Type: Complaint Date on the document: 01/19/2010
    Declaration Of Eli R. Greenstein In Support Of Plaintiff's Opposition To Defendants Verifone, Bergeron, Zwarenstein, Bondy And Periolat's Motions To Dismiss
    Type: Declaration Date on the document: 04/19/2010
    Plaintiff's Opposition To Defendant Periolat's Motion To Dismiss Second Amended Consolidated Complaint
    Type: Other Date on the document: 04/19/2010
    Plaintiff's Opposition To Defendants Verifone, Bergeron, Zwarenstein, Atkinson And Bondy's Motion To Dismiss
    Type: Other Date on the document: 04/19/2010
    [Proposed] Third Amended Consolidated Complaint For Violations Of The Federal Securities Laws
    Type: Complaint Date on the document: 07/30/2010
    Revised Third Amended Consolidated Complaint For Violations Of The Federal Securities Laws
    Type: Complaint Date on the document: 09/15/2010
    Plaintiff's Opposition To Defendants' Motion To Dismiss The Revised Third Amended Complaint
    Type: Other Date on the document: 11/01/2010
    Judgment in a Civil Case
    Type: Other Date on the document: 03/08/2011
    Memorandum & Order
    Type: Order Date on the document: 03/08/2011
    Amended Memorandum & Order
    Type: Order Date on the document: 03/22/2011
    U.S. District Court Civil Docket
    Type: Docket Date on the document: 03/22/2011
    Lead Plaintiff's Notice Of Appeal And Ninth Circuit Rule 3-2 Representation Statement
    Type: Notice of Appeal Date on the document: 04/05/2011

     OTHER DOCUMENTS
    Class Action Complaint for Violation of Federal Securities Laws - Jury Trial Demanded
    Case Name and/or Number: Peter Lien, et al. v. VeriFone Holdings, Inc., et al.
    Type: Complaint Date on the document: 12/06/2007
    Class Action Complaint for Violation of the Federal Securities Laws - Demand for Jury Trial
    Case Name and/or Number: Vaughn, et al. v. VeriFone Holdings, Inc., et al.
    Type: Complaint Date on the document: 12/06/2007
    Class Action Complaint
    Case Name and/or Number: Peter A. Kraft, et al. v. VeriFone Holdings, Inc., et al.
    Type: Complaint Date on the document: 12/07/2007
    Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded
    Case Name and/or Number: Albert L. Feldman, et al. v. VeriFone Holdings, Inc., et al.
    Type: Complaint Date on the document: 12/07/2007
    U.S. District Court Civil Docket
    Case Name and/or Number: Albert L. Feldman, et al. v. VeriFone Holdings, Inc., et al.
    Type: Docket Date on the document: 12/07/2007
    Class Action Complaint - Jury Trial Demanded
    Case Name and/or Number: Donald Cerini, et al. v. VeriFone Holdings, Inc., et al.
    Type: Complaint Date on the document: 12/10/2007
    Class Action Complaint - Jury Trial Demanded
    Case Name and/or Number: Kurt Hill, et al. v. VeriFone Holdings, Inc., et al.
    Type: Complaint Date on the document: 12/10/2007
    Class Action Complaint for Violation of Federal Securities Laws - Jury Trial Demanded
    Case Name and/or Number: Westend Capital Management LLC, et al. v. VeriFone Holdings, Inc., et al.
    Type: Complaint Date on the document: 12/10/2007
    U.S. District Court Civil Docket
    Case Name and/or Number: Kurt Hill, et al. v. VeriFone Holdings, Inc., et al.
    Type: Docket Date on the document: 12/10/2007
    Class Action Complaint for Violations of Federal Securities Laws - Demand for Jury Trial
    Case Name and/or Number: Daniel Offutt, et al. v. VeriFone Holdings, Inc., et al.
    Type: Complaint Date on the document: 12/11/2007
    Class Action Complaint - Jury Trial Demanded
    Case Name and/or Number: Edward Feitel, et al. v. VeriFone Holdings, Inc., et al.
    Type: Complaint Date on the document: 01/07/2008

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