Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 19, 2023 to file lead plaintiff applications in securities class action lawsuits against Shift4 Payments, Inc. (NYSE: FOUR), if they purchased the Company’s securities between June 5, 2020 and April 18, 2023, inclusive (the “Class Period”). These actions are pending in the United States District Court for the Eastern District of Pennsylvania.
What You May Do
If you purchased securities of Shift4 and would like to discuss your legal rights and how the case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-four/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by October 19, 2023.
About the Lawsuit
Shift4 and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 19, 2023, Blue Orca Capital reported that “Shift4 [is], in reality, a roll-up of low-tech POS systems and payment processors which is substantially less profitable, generates far less cash, and is materially more levered than investors are led to believe,” and that in 2022, the Company “engaged in a string of highly questionable and hyper-aggressive accounting maneuvers seemingly designed to keep the stock afloat, from cash flow manipulation to inexplicable distributor acquisitions that enabled it to capitalize a major component of COGS [cost of goods sold].”
On this news, shares of Shift4 fell $5.95 per share, or 8.68%, to close at $62.59 per share on April 19, 2023.
The case is O'Meara v. Shift4 Payments, Inc., et al., No. 23-cv-03206.
A subsequent case was filed, Baer v. Shift4 Payments, Inc., et al., 23-cv-3969.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231016203901/en/
Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
