VeriFone Agrees To Pay $95M To Settle Stock Inflation Suit

Law360, New York (August 12, 2013, 7:10 PM EDT) -- VeriFone Holdings Inc. has tentatively agreed to pay investors $95 million to put to rest a stock inflation suit brought years ago against the electronic transactions firm in the Northern District of California. 

The deal marks the end of a long ordeal for VeriFone, which overstated its operating income by 129 percent in early 2007 after its former supply chain controller, Paul Periolat, allegedly made incorrect inventory accounting adjustments, according to court documents. When the company publicly announced the misrepresentation at the end of 2007, its stock...
To view the full article, register now.