Case Page

 

Case Status:    DISMISSED    
On or around 09/13/2016 (Other)

Filing Date: March 07, 2013

According to the law firm press release, the Complaint alleges that throughout the Class Period, Defendants issued as series of materially false and misleading statements regarding the Company’s revenues and operations, by failing to disclose that: (i) the Company did not properly execute its plan to move to a more subscriptions-based service model; (ii) past acquisitions had masked the Company’s sharply declining revenue base; (iii) the Company was inappropriately recognizing revenues from distributors in periods where such revenues should have been deferred; (iv) the Company lacked adequate internal and financial controls; and (v) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.

On February 4, 2013, the Company announced the retirement of its Chief Financial Officer (“CFO”), as well as its Vice Chairman. Defendant was named as the Company’s new CFO. On this news, VeriFone stock declined $0.87 per share or nearly 2.5%, to close at $34.37 per share.

On February 20, 2013, the Company announced its preliminary financial results for the first fiscal quarter ended January 31, 2013. The Company announced that it expected first quarter adjusted earnings to be between $0.47 to $0.57 per share on revenue of $424 million, falling 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 revenues that quarter from distributors in the Middle East and Africa.

On this news, shareholders hammered VeriFone’s share price, causing it to spiral $13.65 per share or nearly 43%, to close at $18.24 per share on February 21, 2013.

On October 7, 2013, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel. On December 16th, the Lead Plaintiff filed an amended complaint.

On March 29, 2016, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to file an amended complaint. Plaintiffs did not file an amended complaint, thus Judgment was entered in favor of Defendants on June 6.

COMPANY INFORMATION:

Sector: Technology
Industry: Office Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PAY
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 13-CV-01038
JUDGE: Hon. Edward J. Davila
DATE FILED: 03/07/2013
CLASS PERIOD START: 12/14/2011
CLASS PERIOD END: 02/19/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 13-CV-01038
JUDGE: Hon. Edward J. Davila
DATE FILED: 10/07/2014
CLASS PERIOD START: 12/14/2011
CLASS PERIOD END: 02/20/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gold Bennett Cera & Sidener LLP
    595 Market Street, Suite 2300, Gold Bennett Cera & Sidener LLP, CA 94105-2835
    800.778.1822 415.777.5189 · info@gbcsf.com
No Document Title Filing Date