Archived Investigations
Fiserv, Inc. (NYSE: FI)
Fiserv and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) due to cost issues and other problems with its older Payeezy platform, the Company forced Payeezy merchants to migrate to its Clover platform; (ii) Clover’s revenue growth and gross payment volume (“GPV”), the total monetary value of transactions processed through Clover, were temporarily and unsustainably boosted by these forced conversions, which concealed a slowdown in new merchant business; (iii) shortly after these conversions, a significant portion of former Payeezy merchants switched to competing solutions due to Clover’s high pricing, significant down time, and systematic compatibility issues; (iv) as a result of these merchant losses, Clover’s GPV growth was significantly slowing, and its revenue growth was unsustainable; and (v) based on the foregoing, Fiserv’s positive statements about Clover’s growth strategies, competition, attrition, GPV growth, and business prospects were materially false and misleading.
The case is City of Hollywood Police Officers’ Retirement System v. Fiserv, Inc., No. 25-cv-06094.