Fiserv Sued Over 44% Stock Selloff After Slashed Growth Outlook

Fiserv Inc. statements that its growth remained on track gave false reassurance to shareholders before recent financial disclosures caused a 44% stock drop, an investor says in a suit filed Friday.

The proposed class action follows another against the financial technology company that focused on three earlier stock drops this year, also blamed on shifting growth targets. The new suit is in the US District Court for the Eastern District of Wisconsin.

CEO Michael Lyons told investors in July that Fiserv’s full-year organic revenue growth guidance would be at the lower end of the previous 10% to 12% estimate but ...