FOUR INVESTOR Deadline: Shift4 Payments, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit

SAN DIEGO, Aug. 26, 2023 /PRNewswire/ -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Shift4 Payments, Inc. (NYSE: FOUR) securities between November 10, 2021 and April 18, 2023, both dates inclusive (the "Class Period") have until October 19, 2023 to seek appointment as lead plaintiff of the Shift4 class action lawsuit.  Captioned O'Meara v. Shift4 Payments, Inc., No. 23-cv-03206 (E.D. Pa.), the Shift4 class action lawsuit charges Shift4 and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Shift4 class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-shift4-payments-inc-class-action-lawsuit-four.html

You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. 

CASE ALLEGATIONS: Shift4 provides software and payment processing solutions in the United States.  Shift4's products include integrated and mobile point-of-sale solutions. 

The Shift4 class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Shift4 had inadequate disclosure controls and procedures of internal control over financial reporting; (ii) as a result, Shift4 failed to properly account for customer acquisition costs, thereby artificially inflating its net cash provided by operating activities; (iii) consequently, Shift4 would likely be forced to restate one or more of its previously issued financial statements; (iv) 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 Shift4's performance, its underlying business quality, and its earnings power; and (v) all of the above, once revealed, was likely to negatively impact Shift4's reputation and business. 

On October 21, 2022, Shift4 disclosed that its third quarter 2021, full year 2021, first quarter 2022, and second quarter 2022 financial statements should no longer be relied upon and would need to be restated because of a material weakness in Shift4's financial controls, which had caused it to incorrectly treat "customer acquisition costs" as cash used in investing activities rather than cash used in operating activities.  As a result, Shift4 was forced to negatively revise its net cash provided by operating activities to $3 million (down from its originally reported $29.2 million), $30.8 million (down from its originally reported $37.1 million), and $70.8 million (down from its originally reported $85 million) for the year ended December 31, 2021, the three months ended March 31, 2022, and the six months ended June 30, 2022, respectively.  On this news, the price of Shift4 stock fell.

Then, on April 19, 2023, Blue Orca Capital published a report that alleged, among other things, "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."  Blue Orca Capital further alleged that in 2022, "Shift4 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, the price of Shift4 stock fell more than 8%, damaging investors. 

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Shift4 securities during the Class Period to seek appointment as lead plaintiff of the Shift4 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 Shift4 class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Shift4 class action lawsuit.  An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Shift4 class action lawsuit. 

ABOUT ROBBINS GELLER: Robbins Geller 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.  Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA  92101
J.C. Sanchez, 800-449-4900
[email protected] 

SOURCE Robbins Geller Rudman & Dowd LLP