A class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of persons who purchased or otherwise acquired securities of VeriFone Holdings, Inc. between March 1, 2007 and November 30, 2007 (the “Class Period”). The Complaint alleges that Defendants violated the federal securities laws by issuing a series of material misrepresentations in its filings with the Securities and Exchange Commission (“SEC”) and press releases. According to the Complaint, Defendants failed to disclose that: (1) VeriFone overstated previously reported inventories in violation of Generally Accepted Accounting Principles; (2) VeriFone understated the cost of net revenues in violation of Generally Accepted Accounting Principles; and (3) as a result, VeriFone’s financial results were unreliable. The Complaint also alleges that, as a result of the inflated share price, the individual defendants were able sell their personal shares of VeriFone stock for tens of millions of dollars during the Class Period.

On December 3, 2007, VeriFone announced that it was restating its financial statements for the first three fiscal quarters of 2007, and that the previous statements could no longer be relied upon. In reaction to this news, VeriFone’s share price fell by 45%--or $22 per share--on nearly 35 times its average trading volume.

If you are a current shareholder or purchased shares during the period of March 1, 2007 and November 30, 2007 and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.