Fidelity National Information Services, Inc. Class Action Lawsuit - FIS
Case Summary
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The Fidelity National class action lawsuit - captioned Palm Bay Police and Firefighters’ Pension Fund v. Fidelity National Information Services, Inc., No. 23-cv-00252 (M.D. Fla.) – charges Fidelity National Information Services, Inc. (NYSE: FIS) and certain of its top current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Fidelity National class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Fidelity National class action lawsuit must be filed with the court no later than May 5, 2023.
CASE ALLEGATIONS: Fidelity National provides global e-commerce and payment technologies to financial institutions and businesses. On July 31, 2019, Fidelity National announced it had closed the acquisition of payments company Worldpay, Inc. As a result of the acquisition, the Worldpay business became part of Fidelity National’s Merchant Solutions segment.
The Fidelity National class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the integration of Worldpay was not ahead of schedule; (ii) the integration of Worldpay was not successfully complete during the Class Period; and (iii) Fidelity National’s increases in revenue synergies were not driven by the Worldpay integration.
On August 4, 2022, Fidelity National announced that its Chief Financial Officer, defendant James Woodall, planned to “step down” as Corporate Executive Vice President and CFO effective November 4, 2022. On this news, the price of Fidelity National stock dropped more than 7%.
Then, on November 3, 2022, Fidelity National reported that its Merchant Solutions segment—namely Worldpay—suffered a “margin contraction of 430 basis points.” On this news, the price of Fidelity National stock dropped more than 29%.
Finally, on February 13, 2023, Fidelity National announced it would spin off Worldpay, and in the process, Fidelity National recognized a $17.6 billion write-down on the asset. On this news, the price of Fidelity National stock declined more than 12%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Fidelity National common stock during the Class Period to seek appointment as lead plaintiff of the Fidelity National class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Fidelity National class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Fidelity National class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Fidelity National class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.