SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

April 19, 2013 12:33 ET

SHAREHOLDER ALERT: Levi & Korsinsky Notifies Investors With Losses on Their Investment in VeriFone Systems, Inc. of Class Action Lawsuit and the Deadline of May 6, 2013 to Seek a Lead Plaintiff Position

NEW YORK, NY--(Marketwired - Apr 19, 2013) - Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased VeriFone Systems, Inc. ("VeriFone" or the "Company") (NYSE: PAY) stock between December 14, 2011 and February 19, 2013.

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The complaint alleges that throughout the Class Period, Defendants failed to disclose that: (a) the Company did not properly execute its plan to move to a more subscriptions-based service model; (b) past acquisitions had masked the Company's sharply declining revenue base; (c) the Company was inappropriately recognizing revenues from distributors in periods where such revenues should have been deferred; (d) the Company lacked adequate internal and financial controls; and (e) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On February 20, 2013, the Company announced a new revenue recognition policy which prevented it from recognizing revenues from distributors in the Middle East and Africa that quarter. Shares of VeriFone stock fell $13.65 to a close of $18.24 per share the following day.

If you suffered a loss in VeriFone you have until May 6, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at or by telephone at (877) 363-5972, or visit

Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 24th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (866) 367-6510