Fiserv(US:FI) GlobeNewswire News Room·2025-09-04 20:11Core 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][3]. 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 [3]. - It is claimed that Clover's revenue growth was artificially inflated by these conversions, masking a slowdown in acquiring new merchants [3]. - Following the conversions, many former Payeezy merchants reportedly switched to competitors due to Clover's high pricing and inadequate customer service [3]. - As a result of these merchant losses, Clover's growth in Gross Payment Volume (GPV) and revenue was said to be unsustainable and significantly slowing [3]. - The lawsuit asserts that Fiserv's positive statements regarding Clover's growth strategies and business prospects were materially false and misleading [3]. Group 2: Class Action Details - The class period for the lawsuit is defined as July 24, 2024, to July 22, 2025 [3]. - Shareholders are encouraged to register for the class action by September 22, 2025, to potentially be appointed as lead plaintiffs [4]. - There is no cost or obligation for shareholders to participate in the case, and they will receive updates through a portfolio monitoring software [4].