Fiserv(US:FI) Prnewswireยท2025-08-25 12:45Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Fiserv, Inc. regarding a class action lawsuit due to alleged misleading statements and omissions related to the company's Clover platform and its impact on merchant business [1][2]. Group 1: Allegations Against Fiserv - The complaint alleges that Fiserv forced merchants using its older Payeezy platform to switch to the Clover platform due to cost issues and other problems [2]. - It is claimed that Clover's revenue growth 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 inadequate 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 asserts that Fiserv's positive statements regarding Clover's growth strategies and business prospects were materially false and misleading [2]. Group 2: Class Action Details - The class period for the lawsuit is defined as July 24, 2024, to July 22, 2025 [2]. - Shareholders are encouraged to register for the class action by the deadline of September 22, 2025, to potentially be appointed as lead plaintiffs [3]. - Once registered, shareholders will receive updates through a portfolio monitoring software regarding the case's progress [3]. Group 3: Law Firm's Mission - The Gross Law Firm aims to protect investors' rights who have suffered losses due to deceit and illegal business practices [4]. - The firm is committed to ensuring companies engage in responsible business practices and good corporate citizenship [4].