Fiserv(US:FI) Prnewswireยท2025-08-19 12:45Core Viewpoint - A class action securities lawsuit has been filed against Fiserv, Inc. alleging securities fraud that negatively impacted investors between July 24, 2024, and July 22, 2025 [1][2]. Group 1: Allegations of Fraud - The lawsuit claims that Fiserv made false statements regarding its Clover platform, which was forced upon Payeezy merchants due to issues with the older platform [2]. - It is alleged that the revenue growth of Clover was artificially inflated by these conversions, masking a slowdown in new merchant acquisitions [2]. - Following the conversions, many former Payeezy merchants reportedly switched to competitors due to Clover's high pricing and poor customer service [2]. - As a result of these merchant losses, Clover's growth in Gross Payment Volume (GPV) and revenue was said to be unsustainable [2]. - The lawsuit contends that Fiserv's positive statements about Clover's growth strategies and business prospects were materially false and misleading [2]. Group 2: Legal Process and Participation - Investors who suffered losses during the specified period have until September 22, 2025, to request to be appointed as lead plaintiff in the case [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees, and participation does not require serving as a lead plaintiff [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a history of securing significant settlements for shareholders and has been recognized as one of the top securities litigation firms in the U.S. for seven consecutive years [4].