The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Fidelity National Information Services, Inc. (FIS) Investors
The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Fidelity National Information Services, Inc. ("Fidelity" or the "Company") (NYSE: FIS) common stock between February 9, 2021 and February 10, 2023, inclusive (the "Class Period"). Fidelity investors have until May 5, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On August 4, 2022, Fidelity announced that its Chief Financial Officer planned to step down as Corporate Executive Vice President and CFO. On this news, Fidelity's stock price fell $7.56, or 7.3%, to close at $96.57 per share on August 4, 2022, thereby injuring investors.
Then, on November 3, 2022, the Company reportd that its Merchant Solutions segment - specifically, its latest acquisition, Worldpay - had suffered a "margin contraction of 430 basis points." On this news, Fidelity's stock price fell $22.29, or 28%, to close at $56.79 per share on November 3, 2022.
Then, on February 13, 2023, Fidelity announced that it would spin off Worldpay, and in the process, the Company recognized a $17.6 billion write-down on the asset. On this news, Fidelity's stock price fell $9.43, or 12.5%, to close at $66.00 per share on February 13, 2023, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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 business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Fidelity common stock during the Class Period, you may move the Court no later than May 5, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Fidelity common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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