MINNEAPOLIS, Jan. 3, 2008 (PRIME NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of VeriFone Holdings, Inc. ("VeriFone" or the "Company") (NYSE:PAY) publicly traded securities during the period March 1, 2007 through November 30, 2007 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before February 4, 2008. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that Defendants violated federal securities laws by publicizing materially false and misleading statements contained in press releases and filings with the Securities and Exchange Commission ("SEC") during the Class Period. The Complaint alleges that Defendants failed to disclose that: 1) VeriFone overstated previously reported inventories in violation of Generally Accepted Accounting Principles; 2) VeriFone understated the cost of net revenues in violation of Generally Accepted Accounting Principles; and 3) as a result, VeriFone's financial results were unreliable. The Complaint also alleges that, as a result of the inflated share price, the individual Defendants were able to sell their personal shares of VeriFone stock for tens of millions of dollars during the Class Period.
On December 3, 2007, VeriFone announced that it was restating its financial statements for the first three quarter of 2007, and that the previous statements could no longer be relied upon. In reaction to this news, VeriFone's share price fell by 45%, or $22 per share, on nearly 35 times it average trading volume.
If you purchased VeriFone Holdings, Inc. securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685