A lawsuit over alleged stock inflation was revived by the Court of Appeals. Meanwhile the investigation on behalf of current long term investors in shares of VeriFone Systems Inc (NYSE:PAY) over possible breaches of fiduciary duty continues and current long-term NYSE:PAY stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 01/08/2013 -- The Ninth Circuit Court of Appeals revived a lawsuit accusing VeriFone Systems Inc, formerly VeriFone Holdings Inc of artificially inflating the company's stock price. Meanwhile an investigation on behalf of current long-term investors in shares of VeriFone Systems Inc (NYSE:PAY) concerning whether certain directors and officers of VeriFone Systems Inc breached of fiduciary duties continues statements.
Investors who are current long-term investors in shares of VeriFone Systems Inc (NYSE:PAY) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The Ninth Circuit Court of Appeals revered the dismissal of the lawsuit in March 2911. The investigation by a law firm concerns whether certain VeriFone Systems officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
VeriFone Systems Inc (NYSE:PAY) reported that its Total Revenue rose from $844.71 million for the 12 months period that ended on Oct. 31, 2009 to over $1.3 billion for the 12 months period that ended on Oct. 31, 2011 and that its Net Loss of $157.46 million for the 12 months period that ended on Oct. 31, 2009 turned into a Net Income of $282.40 million for the 12 months period that ended on Oct. 31, 2011.
Shares of VeriFone Systems Inc (NYSE:PAY) grew from as low as $4.02 per share in March 2009 to as high as $54.40 per share in April 2012.
Since April 2012 NYSE:PAY shares declined to as low as $27.86 per share in early October 2012.
On January 7, 2013 NYSE:PAY shares closed at $31.50 per share, which is significantly below its current 52 week High.
Those who are current long term investors in VeriFone Systems Inc (NYSE:PAY) shares, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com