HARTFORD, Conn., Dec. 6, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of all persons who purchased or otherwise acquired the securities of VeriFone Holdings, Inc. ("VeriFone" or the "Company") (NYSE:PAY) between March 1, 2007 through November 30, 2007, inclusive (the "Class Period").
The Complaint charges that VeriFone and certain of its officers and directors violated federal securities laws by disseminating materially false and misleading statements contained in press releases and filings with the Securities and Exchange Commission ("SEC"). Specifically, the Complaint alleges Defendants failed to disclose that: (i) VeriFone overstated previously reported inventories in violation of Generally Accepted Accounting Principles; (ii) VeriFone understated the cost of net revenues in violation of Generally Accepted Accounting Principles; and (iii) as a result, VeriFone's financial results were unreliable. The Complaint also alleges that, as a result of the inflated share price, the individual Defendants were able sell their personal shares of VeriFone stock for tens of millions of dollars during the Class Period.
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. On this news, VeriFone's share price fell by 45%, or $22 per share.
If you are a member of the class, you may, no later than February 4, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.