Fiserv(US:FI) Globenewswire·2025-09-10 19:47Core 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 Payeezy merchants to convert to its Clover platform due to issues with the older Payeezy platform [3]. - Clover's revenue growth was temporarily inflated by these conversions, masking a slowdown in new merchant acquisitions [3]. - A significant number of former Payeezy merchants switched to competitors due to Clover's high pricing and inadequate customer service [3]. - As a result of these merchant losses, Clover's GPV (Gross Payment Volume) growth slowed significantly, and its revenue growth became unsustainable [3]. - Fiserv's positive statements regarding Clover's growth strategies and business prospects during the class period were deemed materially false and misleading [3]. Group 2: Class Action Details - The class period for the lawsuit is from 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]. Group 3: Firm's Commitment - The Gross Law Firm aims to protect investors' rights against deceit and illegal business practices, ensuring companies adhere to responsible business practices [5]. - The firm seeks recovery for investors who suffered losses due to misleading statements that inflated stock prices [5].