JACKSONVILLE, Fla. (Legal Newsline) — A firefighters' pension fund in Florida is claiming an e-commerce and payment technologies company defrauded its investors.
Palm Bay Police and Firefighters' Pension Fund, individually and on behalf of all others similarly situated, filed a complaint in the U.S. District Court for the Middle District of Florida against Fidelity National Information Services Inc., Gary Norcross, James Woodall and Stephanie Ferris alleging Exchange Act violations and other claims.
According to the plaintiff's complaint, it purchased Fidelity National common stock between Feb. 9, 2021, and Feb. 10, 2023. It alleges that the defendants made false and misleading statements about Fidelity's latest acquisition of Worldpay by assuring investors and "touting" the benefits of the integration of the two companies.
The plaintiff claims that in August 2022, Fidelity announced the resignation of its CFO, which caused the stock price to fall more than 7%, and that in October 2022, Fidelity announced further management changes and other company changes that caused a more than 12% stock decline in February 2023. The suit claims Fidelity's positive statements regarding business operations and financial guidance deceived investors and maintained artificially high market prices.
The plaintiff seeks monetary relief, interest, trial by jury and all other just relief. It is represented by Maya Saxena, Joseph White III and Lester Hooker in Boca Raton, Florida, and Robert Klausner and Stuart Kaufman of Klausner Kaufman Jensen & Levison
U.S. District Court for the Middle District of Florida Jacksonville Division case number 3:23-CV-00252