Overview
- Fiserv’s new CEO withdrew long‑term earnings targets set under Frank Bisignano, triggering a stock drop of more than 40% and erasing roughly $30 billion in market value.
- SEC filings show Bisignano sold about 2.6 million Fiserv shares for roughly $423 million between May and July, avoiding an estimated $300 million in paper losses when the stock later fell.
- Investor litigation alleges Fiserv misled shareholders about growth, including its Clover business, and Hagens Berman opened a new investigation into the company’s statements and forecasting.
- Sen. Ron Wyden and Rep. John Larson are examining what Bisignano knew about a Direct Express arrangement involving Fifth Third and Fiserv and whether related policy changes affected beneficiaries.
- The Social Security Administration says Bisignano met his ethics obligations, while advocates such as Social Security Works call for his resignation and for formal investigations.