| COMPANY |
Shift4 Payments, Inc. |
| COURT |
United States District Court for the Eastern District of Pennsylvania |
| CASE NUMBER |
23-cv-03206 |
| JUDGE |
The Hon. Joseph F. Leeson Jr. |
| CLASS PERIOD |
June 5, 2020 and April 18, 2023 |
| SECURITY TYPE |
Securities |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired Shift4 Payments, Inc. (“Shift4”) (NYSE: FOUR) securities between June 5, 2020 and April 18, 2023, both dates inclusive (the “Class Period”).
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Shift4 had inadequate disclosure controls and procedures and internal control over financial reporting; (2) as a result, Shift4 failed to properly account for customer acquisition costs, thereby artificially inflating its net cash provided by operating activities; (3) accordingly, Shift4 would likely be forced to restate one or more of its previously issued financial statements; (4) Shift4 employed accounting maneuvers in connection with, among other things, its mass strategic buyout program and sponsor bank merchant settlement account, that were designed to present an inaccurate picture of, inter alia, the company's performance, its underlying business quality, and its earnings power; (5) all the foregoing, once revealed, was likely to negatively impact Shift4's reputation and business; and (6) as a result, the company's public statements were materially false and misleading at all relevant times.
Current Status of Case:
On January 5, 2024, Lead Plaintiffs filed an Amended Complaint. On January 22, 2025, the Court entered an Order granting Defendants’ Second Motion to Dismiss with prejudice. As of the date of this update, Lead Plaintiffs have not filed a notice of appeal. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.