MILWAUKEE, Feb. 22, 2013 (GLOBE NEWSWIRE) -- We are investigating possible securities fraud claims against VeriFone Systems, Inc. (PAY) resulting from inaccurate statements the Company made from March 5, 2012 to February 20, 2013 regarding its financial performance and future prospects.
Click here to learn how to learn more about the investigation: http://www.ademilaw.com/case/verifone-systems-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
According to our investigation, VeriFone concealed the following information from the investing public from March 5, 2012 to February 20, 2013: (a) VeriFone was improperly recognizing revenue to, among others things, calculate organic growth by claiming revenue from recently acquired companies as revenue organic to VeriFone, itself; (b) VeriFone's integration of acquired companies was being plagued by problems, the result of which was that none of the synergies and revenues anticipated were being realized; (c) VeriFone's was failing to execute on its Washington, D.C. contract to install and support payment systems in 6,500 taxis the result of which was that the contract was being cancelled; (d) VeriFone's strategic plan to transition from a product sales company to a service provider company was not being executed and was distracting the company from systems upgrades and hardware sales to customers; and (e) As a result, VeriFone lacked a reasonable basis upon which to make its financial projections throughout 2012 and the first and second quarters of 2013.
If you purchased stock between March 5, 2012 to February 20, 2013 and wish to obtain additional information, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, http://www.ademilaw.com/case/verifone-systems-inc.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP