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yesterday

Fiserv Investors Face Sept. 22 Deadline to Seek Lead Role in Securities Class Action

Investors have until Sept. 22 to seek lead-plaintiff status in a filed case alleging Clover growth was inflated by forced Payeezy migrations.

Overview

  • Multiple firms, including Rosen, Portnoy, Levi & Korsinsky, Faruqi & Faruqi, and Berger Montague, issued fresh notices on Sept. 16–17 reminding shareholders of the approaching deadline.
  • The suit covers purchasers of Fiserv securities from July 24, 2024 through July 22, 2025, and a class has not been certified.
  • Complaints claim Fiserv compelled merchants on its legacy Payeezy system to move to Clover, temporarily boosting gross payment volume and revenue while masking slower new‑merchant growth.
  • Filings allege many migrated merchants later left Clover due to high fees, downtime, poor support, and compatibility issues, rendering the reported growth unsustainable.
  • Notices cite disclosures on April 24, May 15, and July 23, 2025 that revealed GPV deceleration and a guidance trim, after which Fiserv shares fell about 18.5%, 16.2%, and 13.9%, respectively.