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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. | |||||||||||||||||
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| 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 | |||||||||||||||||
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| 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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