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Class action lawsuits

Fiserv, Inc. Faces Class Action Lawsuit over Alleged Securities Fraud

Strategic Insights

— 1 min read

Fiserv, Inc.'s investors who suffered losses due to alleged securities fraud are seeking recovery under the federal securities laws. A class action lawsuit was filed against the company, alleging that it made false statements and concealed the true state of its business, particularly regarding its Payeezy and Clover platforms. The lawsuit claims that Fiserv forced Payeezy merchants to convert to Clover, resulting in significant losses due to high pricing, inadequate customer service, and other issues. As a result, Clover's GPV growth was slowing, and its revenue growth was unsustainable.

Key Takeaways:

  • The class action lawsuit alleges that Fiserv made false statements and concealed the true state of its business regarding its Payeezy and Clover platforms.
  • The lawsuit claims that Fiserv forced Payeezy merchants to convert to Clover, resulting in significant losses due to high pricing, inadequate customer service, and other issues.
  • The company's revenue growth and GPV growth were temporarily boosted by the conversions, but this conceal the slowdown in new merchant business.
  • Fiserv's positive class period statements about Clover growth strategies, competition, attrition, GPV growth, and business prospects were allegedly materially false and misleading.
  • Levi & Korsinsky, a nationally-recognized securities litigation firm, is representing the investors in the lawsuit.
  • The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees.
  • Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States for seven years in a row.

Statistics:

  • The lawsuit claims that Fiserv's positive class period statements about Clover growth strategies, competition, attrition, GPV growth, and business prospects were allegedly materially false and misleading between July 24, 2024, and July 22, 2025.
  • The losses suffered by investors are not specified in the press release.
  • The firm of Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders in the past.

Sources:

  • Levi & Korsinsky, LLP (https://zlk.com/)
  • ISS Securities Class Action Services (https://www.issgovernance.com/)
  • Newsfile Corp. (https://www.newsfilecorp.com/)

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