Shift4 Payments Inc. and its top executives allegedly misled investors about its accounting practices and misrepresented financial figures, according to a proposed class action lawsuit.
The payment processing company and its executives allegedly failed to properly account for customer acquisition costs, inaccurately accounted for performance and earnings related to the sponsor bank merchant settlement account, as well as its mass strategic buyout program, according to a complaint filed Oct. 13 in the US District Court for the Eastern District of Pennsylvania.
Shift4 is unable to directly access payment networks because it isn’t a “member bank” as defined by certain industry ...
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