NEW ORLEANS, Sept. 12, 2023 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 19, 2023 to file lead plaintiff applications in a securities class action lawsuit against Shift4 Payments, Inc. (NYSE: FOUR), if they purchased the Company’s securities between November 10, 2021 and April 18, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of Pennsylvania.
Shift4 investors should visit us at https://claimsfiler.com/cases/nyse-four/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Shift4 and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 19, 2023, Blue Orca Capital reported that “Shift4 [is], in reality, a roll-up of low-tech POS systems and payment processors which is substantially less profitable, generates far less cash, and is materially more levered than investors are led to believe,” and that in 2022, the Company “engaged in a string of highly questionable and hyper-aggressive accounting maneuvers seemingly designed to keep the stock afloat, from cash flow manipulation to inexplicable distributor acquisitions that enabled it to capitalize a major component of COGS [cost of goods sold].”
On this news, shares of Shift4 fell $5.95 per share, or 8.68%, to close at $62.59 per share on April 19, 2023.
The case is O’Meara v. Shift4 Payments, Inc., et al., No. 23-cv-03206.
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