According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that:
- due to cost issues and other problems with its older Payeezy platform, Fiserv forced Payeezy merchants to migrate to its Clover platform;
- Clover’s revenue growth and gross payment volume (“GPV”), the total monetary value of transactions processed through Clover, were temporarily and unsustainably boosted by these forced conversions, which concealed a slowdown in new merchant business;
- shortly after these conversions, a significant portion of former Payeezy merchants switched to competing solutions due to Clover’s high pricing, significant down time, and systematic compatibility issues;
- as a result of these merchant losses, Clover’s GPV growth was significantly slowing, and its revenue growth was unsustainable; and
- based on the foregoing, Fiserv’s positive Class Period statements about Clover’s growth strategies, competition, attrition, GPV growth, and business prospects were materially false and misleading.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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