This is a securities fraud class action lawsuit against Verifone and certain of its present and former officers.
The class action lawsuit alleges that Verifone violated the Securities Exchange Act of 1934 by issuing materially misleading statements regarding artificially high revenues. Specifically, the class action 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.
Name (Stock Symbol)
VeriFone Holdings, Inc. (PAY)
VeriFone Holdings, Inc. designs, markets, and services electronic payment solutions that enable secure electronic payments among consumers, merchants, and financial institutions.
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