Did you lose money on investments in Fidelity National? If so, please visit Fidelity National Information Services, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, March 08, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Fidelity National Information Services, Inc. (“Fidelity National” or the “Company”) (NYSE: FIS) between February 9, 2021 and February 10, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Middle District of Florida and alleges violations of the Securities Exchange Act of 1934.
Fidelity National provides global e-commerce and payment technologies to financial institutions and businesses and, in recent years, has become the largest processing and payments company in the world. The Company is most known for its development of Financial Technology, or FinTech, and offers its solutions in three primary segments: Merchant Solutions; Banking Solutions; and Capital Market Solutions. The Merchant Solutions segment accounted for approximately 30% of the Company’s total revenue in 2021, and serves merchants by enabling them to accept, authorize, and settle electronic payment transactions.
Throughout its history, Fidelity National has acquired several other financial technology firms. On July 31, 2019, Fidelity National announced it had closed the acquisition of payments company Worldpay, Inc. (“Worldpay”) for $43 billion, consisting of $35 billion in cash and the assumption of $8 billion in debt. As a result of the acquisition, the Worldpay business became part of the Merchant Solutions segment.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (1) the integration of Worldpay was not ahead of schedule; (2) the integration of Worldpay was not successfully completed during the Class Period; and (3) the increases in revenue synergies were not driven by the Worldpay integration.
On August 4, 2022, Fidelity National announced that its Chief Financial Officer (“CFO”), James Woodall, planned to “step down” as Corporate Executive Vice President and CFO effective November 4, 2022. On this news, the price of Fidelity National stock fell more than 7% to close at $96.57 per share on August 4, 2022.
On November 3, 2022, Fidelity National reported that its Merchant Solutions segment – namely, Worldpay – suffered a “margin contraction of 430 basis points.” On this news, Fidelity National stock price declined more than 29% to close at $57.18 per share on November 3, 2022. Analysts reported the new Fidelity National management “recognize[d] the need to rebuild investor confidence.”
Finally, before markets opened on February 13, 2023, Fidelity National announced it would spin off Worldpay, and in the process, the Company recognized a stunning $17.6 billion write-down on the asset. On this news, Fidelity National stock price fell more than 12% to close at $66.00 per share on February 13, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than May 5, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Fidelity National common stock, and/or would like to discuss your legal rights and options please visit Fidelity National Information Services, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
