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FIDELITY NATIONAL DEADLINE ALERT: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Fidelity National To Contact Him Directly To Discuss Their Options
News provided byFaruqi & Faruqi, LLP
Mar 18, 2023, 7:00 AM ET
NEW YORK, March 18, 2023 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Fidelity National Information Services, Inc. ("Fidelity National" or the "Company") (NYSE: FIS) and reminds investors of the May 5, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Fidelity National stock or options between February 9, 2021 and February 10, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/FIS.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the integration of Worldpay was not ahead of schedule; (2) the integration of Worldpay was not successfully completed during the Class Period; (3) the increases in revenue synergies were not driven by the Worldpay integration; and (4) as a result, Defendants' positive statements about the Company's financial guidance, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
The truth began to emerge on August 4, 2022, when Fidelity National announced that its Chief Financial Officer James Woodall planned to "step down." In response to this news, shares of Fidelity National declined approximately 7%, from a closing price of $104.13 per share on August 3, 2022, to a closing price of $96.57 per share on August 4, 2022.
Then, on November 3, 2022, the Company announced disappointing results for the third quarter of 2022, including that profit margins in the Merchant Solutions business "saw continued pressure in the quarter" resulting "in an overall adjusted EBITDA margin contracting 150 points year-on-year." In response to this news, shares of Fidelity National declined approximately 28%, from a closing price of $79.47 per share on November 2, 2022, to a closing price of $57.18 per share on November 3, 2022.
Finally, on February 13, 2023, Fidelity National announced that it would be spinning off Worldpay and recording a goodwill impairment charge of $17.6 billion related to its Merchants Solutions business. In response to this news, shares of Fidelity National declined approximately 12%, from a closing price of $75.43 per share on the prior trading day of February 10, 2023, to a closing price of $66.00 per share on February 13, 2023.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Fidelity National's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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