STEVENSON, Md., March 29, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of VeriFone Systems, Inc. ("VeriFone" or the "Company") (NYSE:PAY) common stock during the period between December 14, 2011 and February 19, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in VeriFone Systems, Inc. common stock purchased on or after December 14, 2011, and held through February 19, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 6, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company did not properly execute its plan to move to a more subscriptions-based service model, that past acquisitions had masked the Company's sharply declining revenue base, and that the Company was prematurely recognizing revenues from distributors. According to the Complaint, following the Company's February 4, 2013 disclosure that its Chief Financial Officer and Vice Chairman had resigned, and the Company's February 20, 2013 disclosure that it expected its first quarter adjusted earnings to be well below analysts' forecasts and that the Company had announced a new revenue recognition policy which prevented it from recognizing revenues from distributors in the Middle East and Africa, the value of VeriFone shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation