VeriFone Beats Securities Action Over Inflated Income
Law360 (March 8, 2011, 9:03 PM EST) -- A California federal judge on Tuesday tossed a consolidated securities class action against VeriFone Holdings Inc., saying shareholders had not shown that the company and its officers purposely inflated its income, causing stock prices to drop 46 percent when that information was publicized.
Judge Marilyn Hall Patel of the U.S. District Court for the Northern District of California approved the electronic payment services company's motion to dismiss the group of nine class actions against VeriFone, its former supply chain controller Paul Periolat and officers including CEO Douglas Bergeron and former Chief Financial Officer Barry Zwarenstein.
Periolat, a low-level employee in VeriFone's...
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