NEW YORK, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Shift4 Payments, Inc. (NYSE: FOUR)?
- Did you purchase your shares between November 10, 2021 and April 18, 2023, inclusive?
- Did you lose money in your investment in Shift4 Payments, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Shift4 Payments, Inc. (“Shift4” or the “Company”) (NYSE: FOUR) between November 10, 2021 and April 18, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Shift4 securities, and/or would like to discuss your legal rights and options please visit Shift4 Payments, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court no later than October 17, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
The Complaint alleges that Defendants made materially false and misleading statements throughout the Class Period. Among other things, Defendants failed to disclose to investors that: (i) Shift4 had inadequate disclosure controls and procedures and internal control over financial reporting; (ii) as a result, Shift4 failed to properly account for customer acquisition costs, thereby artificially inflating its net cash provided by operating activities; (iii) accordingly, Shift4 would likely be forced to restate one or more of its previously issued financial statements; (iv) Shift4 employed accounting maneuvers in connection with, among other things, its mass strategic buyout program and sponsor bank merchant settlement account, that were designed to present an inaccurate picture of, inter alia, the Company’s performance, its underlying business quality, and its earnings power; and (v) all the foregoing, once revealed, was likely to negatively impact Shift4’s reputation and business.
On April 19, 2023, Blue Orca Capital published a report alleging, among other things, that “Shift4 [is], in reality, a roll-up of low-tech POS systems and payment processors which is substantially less profitable, generates far less cash, and is materially more levered than investors are led to believe.” The Blue Orca Report further alleged that in 2022, “Shift4 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 [cost of goods sold].” For example, the Blue Orca Report alleged, inter alia, that Shift4’s “buyout of 50% of its independent distributors” - i.e., in connection with its mass strategic buyout program - “and Q4 2022 cash account withdrawal” from its sponsor bank merchant settlement account “together inflated operating cash flow by 61%.”
On this news, Shift4’s stock price fell $5.95 per share, or 8.68%, to close at $62.59 per share on April 19, 2023.
If you purchased or acquired Shift4 securities, and/or would like to discuss your legal rights and options please visit Shift4 Payments, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
