Latest news with #shareholderlawsuit
Globe and Mail
5 days ago
- Business
- Globe and Mail
Rosen Law Firm Urges Fiserv, Inc. (NYSE: FI) Stockholders with Large Losses to Contact the Firm for Information About Their Rights
Rosen Law Firm, a global investor rights law firm, announces that a shareholder filed a class action lawsuit on behalf of purchasers and acquirers of Fiserv, Inc. (NYSE: FI) common stock between July 24, 2024 and July 22, 2025, both dates inclusive (the 'Class Period'). Fiserv is a global provider of transaction processing software for banks and retail merchants. For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653. The Allegations: Rosen Law Firm is Investigating the Allegations that Fiserv, Inc. (NYSE: FI) Misled Investors Regarding its Business Operations. According to the lawsuit, throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) due to cost issues and other problems with its older Payeezy platform, Fiserv forced Payeezy merchants to migrate to its Clover platform; (2) Clover's revenue growth and gross payment volume ('GPV'), the total monetary value of transactions processed through Clover, were temporarily and unsustainably boosted by these forced conversions, which concealed a slowdown in new merchant business; (3) shortly after these conversions, a significant portion of former Payeezy merchants switched to competing solutions due to Clover's high pricing, significant down time, and systematic compatibility issues; (4) as a result of these merchant losses, Clover's GPV growth was significantly slowing, and its revenue growth was unsustainable; and (5) based on the foregoing, Fiserv's positive Class Period statements about Clover's growth strategies, competition, attrition, GPV growth, and business prospects were materially false and misleading. When the true details entered the market, the lawsuit claims that investors suffered damages. What Now: You may be eligible to participate in the class action against Fiserv, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by September 22, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here. All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Rosen Law Firm: Some law firms issuing releases about this matter do not actually litigate securities class actions. Rosen Law Firm does. Rosen Law Firm is a recognized leader in shareholder rights litigation, dedicated to helping shareholders recover losses, improving corporate governance structures, and holding company executives accountable for their wrongdoing. Since its inception, Rosen Law Firm has obtained over $1 billion for shareholders.
CNA
16-07-2025
- Business
- CNA
Trial begins as Meta investors, Zuckerberg square off over alleged privacy violations
WILMINGTON, Delaware :An $8 billion trial by Meta Platforms shareholders against Mark Zuckerberg and other current and former company leaders kicked off on Wednesday over claims they illegally harvested the data of Facebook users in violation of a 2012 agreement with the U.S. Federal Trade Commission. The trial started with a privacy expert for the plaintiffs, Neil Richards of Washington University Law School, who testified about Facebook's data policies. "Facebook's privacy disclosures were misleading," he told the court. Jeffrey Zients, White House chief of staff under President Joe Biden and a Meta director for two years starting in May 2018, is expected to take the stand later on Wednesday in the non-jury trial before Kathaleen McCormick, chief judge of the Delaware Chancery Court. The case will feature testimony from Zuckerberg and other billionaire defendants including former Chief Operating Officer Sheryl Sandberg, venture capitalist and board member Marc Andreessen as well as former board members Peter Thiel, Palantir Technologies co-founder, and Reed Hastings, co-founder of Netflix. A lawyer for the defendants, who have denied the allegations, declined to comment. McCormick, the judge who rescinded Elon Musk's $56 billion Tesla pay package last year, is expected to rule on liability and damages months after the trial concludes. The case began in 2018, following revelations that data from millions of Facebook users was accessed by Cambridge Analytica, a now-defunct political consulting firm that worked for Donald Trump's successful U.S. presidential campaign in 2016. The FTC fined Facebook $5 billion in the wake of the Cambridge Analytica scandal, saying the company had violated a 2012 agreement with the FTC to protect user data. Shareholders want the defendants to reimburse Meta for the FTC fine and other legal costs, which the plaintiffs estimate total more than $8 billion. In court filings, the defendants described the allegations as "extreme" and said the evidence at trial will show Facebook hired an outside consulting firm to ensure compliance with the FTC agreement and that Facebook was a victim of Cambridge Analytica's deceit. Meta, which is not a defendant, declined to comment. On its website, the company has said it has invested billions of dollars into protecting user privacy since 2019. The lawsuit is considered the first of its kind to go to trial that alleges that board members consciously failed to oversee their company. Known as a Caremark claim, such lawsuits are often described as the hardest to prove in Delaware corporate law. However, in recent years, Delaware courts have allowed a growing number of these claims to proceed. Boeing's current and former board members settled a case with similar claims in 2021 for $237.5 million, the largest ever in an alleged breach of oversight lawsuit. The Boeing directors did not admit to wrongdoing. The Meta trial comes four months after Delaware lawmakers overhauled the state's corporate law to make it harder for shareholders to challenge deals struck with controlling shareholders like Zuckerberg. The bill, which did not address Caremark claims, was drafted after the state's governor met with representatives of Meta. Most publicly traded companies are incorporated in the state, which generates more than a quarter of the state's budget revenue. Meta, which was reportedly considering leaving Delaware earlier this year, is still incorporated in the state. Andreessen Horowitz, the venture capital fund co-founded by Andreessen, said earlier this month that it was reincorporating in Nevada from Delaware and encouraged other companies to do the same. The company cited the uncertainty of the state's courts and referenced the Musk pay ruling. Andreessen is expected to testify on Thursday. In addition to privacy claims at the heart of the Meta case, plaintiffs allege that Zuckerberg anticipated that the Cambridge Analytica scandal would send the company's stock lower and sold his Facebook shares as a result, pocketing at least $1 billion.
Al Arabiya
16-07-2025
- Business
- Al Arabiya
Facebook privacy practices the focus of $8 billion trial targeting Zuckerberg
An $8 billion trial by Meta Platforms shareholders against Mark Zuckerberg and other current and former company leaders kicks off on Wednesday over claims that they illegally harvested the data of Facebook users in violation of a 2012 agreement with the US Federal Trade Commission. Jeffrey Zients, White House chief of staff under President Joe Biden and a Meta director for two years starting in May 2018, is expected to be one of the first witnesses to take the stand in the non-jury trial before Kathaleen McCormick, chief judge of the Delaware Chancery Court. The case will feature testimony from Zuckerberg and other billionaire defendants including former Chief Operating Officer Sheryl Sandberg, venture capitalist and board member Marc Andreessen, and former board members Peter Thiel, Palantir Technologies co-founder, and Reed Hastings, co-founder of Netflix. A lawyer for the defendants, who have denied the allegations, declined to comment. The case began in 2018, following revelations that data from millions of Facebook users was accessed by Cambridge Analytica, a now-defunct political consulting firm that worked for Donald Trump's successful U.S. presidential campaign in 2016. The FTC fined Facebook $5 billion in the wake of the Cambridge Analytica scandal, saying the company had violated a 2012 agreement with the FTC to protect user data. Shareholders want the defendants to reimburse Meta for the FTC fine and other legal costs, which the plaintiffs estimate total more than $8 billion. In court filings, the defendants described the allegations as 'extreme' and said the evidence at trial will show Facebook hired an outside consulting firm to ensure compliance with the FTC agreement and that Facebook was a victim of Cambridge Analytica's deceit. Meta, which is not a defendant, declined to comment. On its website, the company has said it has invested billions of dollars into protecting user privacy since 2019. The lawsuit is considered the first of its kind to go to trial which alleges board members consciously failed to oversee their company. This is often described as the hardest claim to prove in Delaware corporate law. Boeing's current and former board members settled a case with similar claims in 2021 for $237.5 million, the largest ever in an alleged breach of oversight lawsuit. The Boeing directors did not admit to wrongdoing. In addition to privacy claims at the heart of the Meta case, plaintiffs allege that Zuckerberg anticipated that the Cambridge Analytica scandal would send the company's stock lower and sold his Facebook shares as a result, pocketing at least $1 billion. Defendants said evidence will show that Zuckerberg did not trade on inside information and that he used a stock-trading plan that removes his control over sales and is designed to guard against insider trading. McCormick is expected to rule on liability and damages months after the trial concludes.
Yahoo
16-07-2025
- Business
- Yahoo
Facebook privacy practices the focus of $8 billion trial targeting Zuckerberg
By Tom Hals WILMINGTON, Delaware (Reuters) -An $8 billion trial by Meta Platforms shareholders against Mark Zuckerberg and other current and former company leaders kicks off on Wednesday over claims that they illegally harvested the data of Facebook users in violation of a 2012 agreement with the U.S. Federal Trade Commission. Jeffrey Zients, White House chief of staff under President Joe Biden and a Meta director for two years starting in May 2018, is expected to be one of the first witnesses to take the stand in the non-jury trial before Kathaleen McCormick, chief judge of the Delaware Chancery Court. The case will feature testimony from Zuckerberg and other billionaire defendants including former Chief Operating Officer Sheryl Sandberg, venture capitalist and board member Marc Andreessen, and former board members Peter Thiel, Palantir Technologies co-founder, and Reed Hastings, co-founder of Netflix. A lawyer for the defendants, who have denied the allegations, declined to comment. The case began in 2018, following revelations that data from millions of Facebook users was accessed by Cambridge Analytica, a now-defunct political consulting firm that worked for Donald Trump's successful U.S. presidential campaign in 2016. The FTC fined Facebook $5 billion in the wake of the Cambridge Analytica scandal, saying the company had violated a 2012 agreement with the FTC to protect user data. Shareholders want the defendants to reimburse Meta for the FTC fine and other legal costs, which the plaintiffs estimate total more than $8 billion. In court filings, the defendants described the allegations as "extreme" and said the evidence at trial will show Facebook hired an outside consulting firm to ensure compliance with the FTC agreement and that Facebook was a victim of Cambridge Analytica's deceit. Meta, which is not a defendant, declined to comment. On its website, the company has said it has invested billions of dollars into protecting user privacy since 2019. The lawsuit is considered the first of its kind to go to trial which alleges board members consciously failed to oversee their company. This is often described as the hardest claim to prove in Delaware corporate law. Boeing's current and former board members settled a case with similar claims in 2021 for $237.5 million, the largest ever in an alleged breach of oversight lawsuit. The Boeing directors did not admit to wrongdoing. In addition to privacy claims at the heart of the Meta case, plaintiffs allege that Zuckerberg anticipated that the Cambridge Analytica scandal would send the company's stock lower and sold his Facebook shares as a result, pocketing at least $1 billion. Defendants said evidence will show that Zuckerberg did not trade on inside information and that he used a stock-trading plan that removes his control over sales and is designed to guard against insider trading. McCormick is expected to rule on liability and damages months after the trial concludes. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
16-07-2025
- Business
- CNA
Facebook privacy practices the focus of $8 billion trial targeting Zuckerberg
WILMINGTON, Delaware :An $8 billion trial by Meta Platforms shareholders against Mark Zuckerberg and other current and former company leaders kicks off on Wednesday over claims that they illegally harvested the data of Facebook users in violation of a 2012 agreement with the U.S. Federal Trade Commission. Jeffrey Zients, White House chief of staff under President Joe Biden and a Meta director for two years starting in May 2018, is expected to be one of the first witnesses to take the stand in the non-jury trial before Kathaleen McCormick, chief judge of the Delaware Chancery Court. The case will feature testimony from Zuckerberg and other billionaire defendants including former Chief Operating Officer Sheryl Sandberg, venture capitalist and board member Marc Andreessen, and former board members Peter Thiel, Palantir Technologies co-founder, and Reed Hastings, co-founder of Netflix. A lawyer for the defendants, who have denied the allegations, declined to comment. The case began in 2018, following revelations that data from millions of Facebook users was accessed by Cambridge Analytica, a now-defunct political consulting firm that worked for Donald Trump's successful U.S. presidential campaign in 2016. The FTC fined Facebook $5 billion in the wake of the Cambridge Analytica scandal, saying the company had violated a 2012 agreement with the FTC to protect user data. Shareholders want the defendants to reimburse Meta for the FTC fine and other legal costs, which the plaintiffs estimate total more than $8 billion. In court filings, the defendants described the allegations as "extreme" and said the evidence at trial will show Facebook hired an outside consulting firm to ensure compliance with the FTC agreement and that Facebook was a victim of Cambridge Analytica's deceit. Meta, which is not a defendant, declined to comment. On its website, the company has said it has invested billions of dollars into protecting user privacy since 2019. The lawsuit is considered the first of its kind to go to trial which alleges board members consciously failed to oversee their company. This is often described as the hardest claim to prove in Delaware corporate law. Boeing's current and former board members settled a case with similar claims in 2021 for $237.5 million, the largest ever in an alleged breach of oversight lawsuit. The Boeing directors did not admit to wrongdoing. In addition to privacy claims at the heart of the Meta case, plaintiffs allege that Zuckerberg anticipated that the Cambridge Analytica scandal would send the company's stock lower and sold his Facebook shares as a result, pocketing at least $1 billion. Defendants said evidence will show that Zuckerberg did not trade on inside information and that he used a stock-trading plan that removes his control over sales and is designed to guard against insider trading. McCormick is expected to rule on liability and damages months after the trial concludes.
