NEW ORLEANS, Jan. 8, 2008 (PRIME NEWSWIRE) -- Kahn Gauthier Swick, LLC ("KGS") encourages non-U.S. equity investors with over $1 million in losses to contact KGS immediately for a confidential recoverability analysis relating to KGS' class action lawsuit against VeriFone Holdings, Inc. ("VeriFone" or the "Company") (NYSE:PAY) in the United States District Court for the Northern District of California, on behalf of shareholders who purchased the common stock of VeriFone between August 31, 2006 and December 3, 2007.
If you are a foreign equity investor who purchased shares of VeriFone between August 31, 2006 and December 3, 2007, you are urged to contact Lewis Kahn, Managing Partner, KGS, toll free 1-866-467-1400, ext. 100, via cell phone at 504-301-7900, or by email at lewis.kahn@kgscounsel.com to receive a free and confidential recoverability analysis and learn about your legal rights and how this action may benefit you. For further information on KGS, please visit www.kgscounsel.com.
VeriFone and certain of its officers and directors are charged with making a series of materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934 (the "Exchange Act").
On December 3, 2007, Defendants shocked and alarmed investors after they published a release that revealed, for the first time, that the Company's previously reported financial statements and reports could no longer be relied upon and that these results for at least the previous three quarters would require to be restated. Particularly, the Complaint alleges that VeriFone failed to disclose improper valuation of products in its inventory, which would result in close to a $30 million reduction in pretax income for the first nine months of the fiscal year.
The revelations that Defendants had materially misrepresented the Company's financial and operational condition, its controls and procedures and its results of operations, belatedly revealed on December 3, 2007, decimated shares of VeriFone. As evidence of this, that day, shares of the Company collapsed over 45.8% in the single trading day -- falling over $22.00 per share to close at $26.03 on very high trading volume of over 49.228 million shares traded.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.