SOURCE: Kahn Swick & Foti, LLC

April 17, 2013 22:00 ET

VERIFONE SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $200,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against VeriFone Systems, Inc. -- PAY

NEW ORLEANS, LA--(Marketwired - Apr 17, 2013) - Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 6, 2013 to file lead plaintiff applications in a securities class action lawsuit against VeriFone Systems, Inc. (NYSE: PAY), if they purchased the Company's securities during the period between December 14, 2011 and February 19, 2013, inclusive (the "Class Period"). This action is pending in the United States District Court for the Northern District of California.

What You May Do

If you purchased shares of VeriFone and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Partner, Melinda Nicholson at melinda.nicholson@ksfcounsel.com or toll free at 1-877-515-1850. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 6, 2013.

About the Lawsuit

VeriFone and certain of its executives are charged with issuing materially false and misleading statements regarding the Company's financial condition, growth, revenues, and ability to execute its business plan, during the Class Period, in violation of federal securities laws.

These false statements and omissions included, in part, the following: (a) the Company was encountering serious problems in transitioning to an increasingly subscriptions-based service model; (b) VeriFone used past acquisitions to mask its declining revenue base; (c) VeriFone's accounting recognition was overly aggressive; (d) VeriFone lacked adequate internal and financial controls; and (e) as a result, the Company's financial statements were materially false and misleading at all relevant times.

About Kahn Swick & Foti, LLC

To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.

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