Saxena White P.A. Files Securities Fraud Class Action Against VeriFone Systems, Inc.

BOCA RATON, FL--(Marketwired - Apr 15, 2013) - Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Northern District of California against VeriFone Systems, Inc. ("VeriFone" or the "Company") (NYSE: PAY) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from December 14, 2011 through February 20, 2013 (the "Class Period"). The complaint brings claims for violations of the Securities Exchange Act of 1934.

VeriFone is a global provider of secure electronic payment solutions. During the Class Period, VeriFone made materially false and misleading statements and omissions regarding the Company's financial condition, growth, revenues, and ability to execute its business plan, among other things. 

The filed complaint alleges that VeriFone held itself out to the public as a Company achieving steady and consistent growth, beating analysts' forecasts every quarter for more than two years. In order to propagate this image, Defendants made a series of false and/or misleading statements regarding VeriFone's growth and revenues, concealing that: (i) the Company was encountering serious problems in transitioning to an increasingly subscriptions-based service model; (ii) VeriFone used past acquisitions to mask its declining revenue base; (iii) the Company inappropriately recognized revenues from distributors during periods where such revenues should have been deferred; (iv) the Company lacked adequate internal and financial controls; and (v) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased VeriFone stock between December 14, 2011 and February 20, 2013, inclusive, you may contact Joe White (jwhite@saxenawhite.com) or Marc Grobler (mgrobler@saxenawhite.com) at Saxena White P.A. to discuss your rights and interests.

If you purchased VeriFone common stock during the Class Period of December 14, 2011 through February 20, 2013, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than May 6, 2013. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.