Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Middle District of Florida on behalf of shareholders of Fidelity National Information Services, Inc. who purchased shares between February 9, 2021 and February 10, 2023.
Fidelity National and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On July 31, 2019, the Company announced it had completed the acquisition of payments company Worldpay, Inc. for $43 billion, which became part of the Fidelity National Merchant Solutions business. The Company subsequently, assured investors that the integration of Worldpay was “ahead of schedule,” achieved “success in revenue synergies,” and ultimately was “successfully completed” throughout the Class Period. Then, on February 13, 2023, the Company disclosed that it would be spinning off Worldpay and recording a goodwill impairment charge of $17.6 billion related to its Merchants Solutions business, a write-down of more than 40% of the purchase price for Worldpay just a few years earlier.
On this news, shares of Fidelity National fell more than 12%, from a closing price of $75.43 per share on the prior trading day of February 10, 2023 to a closing price of $66.00 per share on February 13, 2023.
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 May 5, 2023 to request that the court appoint them lead plaintiff.