NEW YORK, July 26, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Shift4 Payments, Inc. (NYSE: FOUR), Discover Financial Services (NYSE: DFS), and Veradigm, Inc. (NASDAQ: MDRX). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Shift4 Payments, Inc. (NYSE: FOUR)
On April 19, 2023, Blue Orca Capital issued a report on Shift4 Payments, Inc., alleging that the Company “engaged in a string of highly questionable and hyper aggressive accounting maneuvers seemingly designed to keep the stock afloat, from cash flow manipulation to inexplicable distributor acquisitions that enabled it to capitalize a major component of COGS.”
The report also alleges that “Shift4’s CFO abruptly left the Company the day before its Q2 2022 earnings call, amidst a lengthy string of correspondence with the SEC over its accounting. Its auditor warned of a material weakness over internal controls the very next quarter, just as it spent $256.4 million in a string of M&A that enabled it to capitalize a material share of COGS.”
Shares of Shift4 Payments stock dropped more than 12% in intraday trading on April 19, 2023.
For more information on the Shift4 investigation go to: https://bespc.com/cases/FOUR
Discover Financial Services (NYSE: DFS)
On July 20, 2023, pre-market, Discover revealed that it was in discussions with regulators relating to the Company’s misclassification of certain credit card products over an approximately 15-year period. Discover incorrectly classified certain credit card accounts into its highest merchant and merchant acquirer pricing tier, beginning around mid-2007.
On this news, Discover’s stock price fell $19.40 per share, or 15.92% percent, to close at $102.45 per share on July 20, 2023.
For more information on the Discover investigation go to: https://bespc.com/cases/DFS
Veradigm, Inc. (NASDAQ: MDRX)
On February 28, 2023, Veradigm disclosed that it “detected certain internal control failures related to revenue recognition that have occurred over the prior six quarters, resulting in a mis-statement to reported revenues during those periods.” As a result, the Company reported that it expects “a reduction in revenue from continuing operations of approximately $20 million dollars in the aggregate from what it otherwise reported since the 3rd quarter of 2021 and expected to report for the 4th quarter of 2022.” The Company added that it is “continuing to evaluate the materiality of the mis-statement to determine if the full amount of this adjustment will flow through in the 4th quarter of 2022 or if prior periods will also require adjustment.” As a result, Veradigm revised its 2023 guidance downward and announced that it would not be filing its 2022 annual report on time.
On this news, Veradigm’s stock price fell $2.12 per share, or 12.76%, to close at $14.49 per share on March 1, 2023.
For more information on the Veradigm investigation go to: https://bespc.com/cases/MDRX
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
