On or around 07/19/2019 (Ongoing date of last review)
Filing Date: July 18, 2019
According to the Complaint, Total System Services, Inc. ("TSS" or the "Company") is a global payment solution provider that provides payment processing services, merchant services and related payment services to financial and nonfinancial institutions. Additionally, the Company provides general purpose reloadable prepaid debit and payroll cards, demand deposit accounts and other financial service solutions. The Company operates in three segments: Issuer Solutions, Merchant Solutions, and Consumer Solutions.
On May 27, 2019, the Board caused the Company to enter into an agreement and plan of merger (“Merger Agreement”), pursuant to which the Company’s shareholders stand to receive 0.8101 shares of Global Payments Inc. stock for each share of TSS they own.
The Complaint alleges that on July 3, 2019, in order to convince TSS shareholders to vote in favor of the Proposed Transaction, the Board authorized the filing of a materially incomplete and misleading Form S-4 Registration Statement with the Securities and Exchange Commission, in violation of Sections 14(a) and 20(a) of the Exchange Act.
Company & Securities Information
Defendant: Total System Services, Inc.
Industry: Software & Programming
Headquarters: United States
Ticker Symbol: TSS
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.
First Identified Complaint
Michael Peters, et al. v. Total System Services, Inc., et al.