Fiserv Inc. falsely represented that new customers, rather than cost-conscious users of its discontinued payment processing system, were driving revenue growth for the software maker, an investor alleges.
“Fiserv misled investors by artificially inflating its growth numbers through compelled migration of legacy customers” from its older system, Payeezy, to an “expensive and feature-heavy” point-of-sale platform called Clover, a shareholding police officers’ retirement fund says. The Hollywood, Fla., fund filed its proposed class action Thursday in the US District Court for the Southern District of New York.
The company and its top executives continued to tout the growth prospects for the ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.