Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Fiserv, Inc. who purchased shares between July 24, 2024 and July 22, 2025.
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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until September 22, 2025 to request that the court appoint them lead plaintiff.