Fiserv(US:FI) Prnewswire·2025-08-18 12:45Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Fiserv, Inc. regarding a class action lawsuit alleging that the company made materially false and misleading statements about its Clover platform and the conversion of Payeezy merchants [1]. Group 1: Allegations Against Fiserv - The complaint alleges that Fiserv forced Payeezy merchants to convert to its Clover platform due to cost issues and problems with the older Payeezy platform [1]. - Clover's revenue growth and gross payment volume (GPV) growth were temporarily inflated by these conversions, masking a slowdown in new merchant business [1]. - A significant number of former Payeezy merchants switched to competing solutions shortly after the conversion due to Clover's high pricing and inadequate customer service [1]. - As a result of losing these merchants, Clover's GPV growth significantly slowed, and its revenue growth became unsustainable [1]. - Fiserv's positive statements during the class period regarding Clover's growth strategies and business prospects were deemed materially false and misleading [1]. Group 2: Class Action Details - The class period for the lawsuit is from July 24, 2024, to July 22, 2025, and shareholders are encouraged to register for participation [2]. - The deadline for shareholders to seek lead plaintiff status is September 22, 2025, with no cost or obligation to participate in the case [2]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the lifecycle of the case [2]. Group 3: About the Gross Law Firm - The Gross Law Firm is a nationally recognized class action law firm focused on protecting investors' rights against deceit and illegal business practices [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [3].