MINNEAPOLIS, April 6, 2009 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a lawsuit has been filed in the United States District Court for the District of New Jersey against Heartland Payment Systems, Inc. ("Heartland" or the "Company") (NYSE:HPY) for violations of the federal securities laws. The suit was filed on behalf of a Class consisting of those who purchased or otherwise acquired Heartland's publicly traded securities between August 5, 2008 and February 23, 2009.
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before May 5, 2009. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint filed alleges that throughout the Class Period Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations and prospects. Specifically, Defendants misrepresented or failed to disclose: (1) that the Company's safety and security measures designed to protect consumers' financial records and data from security breaches were inadequate and ineffective; (2) that the Company's payment processing system had been infected with malware as early as May 2008; (3) that Defendants were made aware of a potential breach of Heartland's payment processing network; (4) that, as a result of the above, the Company faced liabilities associated with the breach and increasing costs associated with implementing appropriate security measures; (5) that, as a result of the foregoing, the Company was at risk of losing customers; and (6) that the Company lacked adequate internal controls.
Once the Company revealed the breach and its potential impact on the Company, the price per share of Heartland's stock declined precipitously -- losing approximately 65% of its value.
If you purchased Heartland Payment Systems, Inc. securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685